Palo Alto Networks Inc (PANW) Shares Sold by Sitrin Capital Management LLC

Sitrin Capital Management LLC reduced its holdings in shares of Palo Alto Networks Inc (NYSE:PANW) by 19.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 27,529 shares of the network technology company’s stock after selling 6,738 shares during the quarter. Palo Alto Networks comprises approximately 3.3% of Sitrin Capital Management LLC’s holdings, making the stock its 17th biggest position. Sitrin Capital Management LLC’s holdings in Palo Alto Networks were worth $6,201,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board boosted its stake in shares of Palo Alto Networks by 84.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,461,226 shares of the network technology company’s stock worth $300,238,000 after acquiring an additional 670,016 shares during the period. Northern Trust Corp boosted its stake in shares of Palo Alto Networks by 0.3% during the 2nd quarter. Northern Trust Corp now owns 1,092,883 shares of the network technology company’s stock worth $224,555,000 after acquiring an additional 3,313 shares during the period. Summit Trail Advisors LLC boosted its stake in shares of Palo Alto Networks by 19,903.8% during the 1st quarter. Summit Trail Advisors LLC now owns 848,163 shares of the network technology company’s stock worth $848,000 after acquiring an additional 843,923 shares during the period. Bank of Montreal Can boosted its stake in shares of Palo Alto Networks by 193.7% during the 2nd quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock worth $112,061,000 after acquiring an additional 359,685 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Palo Alto Networks by 199.8% during the 2nd quarter. First Trust Advisors LP now owns 529,520 shares of the network technology company’s stock worth $108,800,000 after acquiring an additional 352,914 shares during the period. Institutional investors own 80.65% of the company’s stock.

Shares of NYSE:PANW traded up $1.05 during trading on Wednesday, reaching $206.05. 1,272,500 shares of the company traded hands, compared to its average volume of 1,370,521. The company has a market cap of $21.13 billion, a price-to-earnings ratio of -371.58, a PEG ratio of 15.82 and a beta of 0.88. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.93 and a current ratio of 1.93. Palo Alto Networks Inc has a 52 week low of $135.85 and a 52 week high of $239.50.

Palo Alto Networks (NYSE:PANW) last released its earnings results on Thursday, September 6th. The network technology company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.11. The firm had revenue of $658.10 million during the quarter, compared to the consensus estimate of $634.14 million. Palo Alto Networks had a negative return on equity of 4.12% and a negative net margin of 6.51%. The company’s revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.92 EPS. Research analysts predict that Palo Alto Networks Inc will post 0.61 EPS for the current fiscal year.

In other news, Director Mark D. Mclaughlin sold 40,000 shares of the business’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $200.12, for a total transaction of $8,004,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lee Klarich sold 3,939 shares of the business’s stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $213.71, for a total value of $841,803.69. Following the transaction, the executive vice president now directly owns 351,100 shares of the company’s stock, valued at approximately $75,033,581. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 290,275 shares of company stock valued at $64,322,762. Corporate insiders own 4.80% of the company’s stock.

Several research firms recently issued reports on PANW. Zacks Investment Research downgraded Palo Alto Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, September 12th. Deutsche Bank boosted their price target on Palo Alto Networks to $265.00 and gave the company a “buy” rating in a research note on Friday, September 7th. JPMorgan Chase & Co. boosted their price target on Palo Alto Networks to $282.00 and gave the company an “overweight” rating in a research note on Friday, September 7th. Credit Suisse Group boosted their price target on Palo Alto Networks from $175.00 to $185.00 and gave the company an “underperform” rating in a research note on Friday, September 7th. Finally, Citigroup boosted their price target on Palo Alto Networks from $237.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, September 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $239.51.

About Palo Alto Networks

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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