Engineers Gate Manager LP Raises Position in Palo Alto Networks Inc (PANW)

Engineers Gate Manager LP increased its holdings in Palo Alto Networks Inc (NYSE:PANW) by 29.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 37,921 shares of the network technology company’s stock after buying an additional 8,640 shares during the period. Palo Alto Networks accounts for about 0.7% of Engineers Gate Manager LP’s portfolio, making the stock its 12th biggest position. Engineers Gate Manager LP’s holdings in Palo Alto Networks were worth $8,542,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PANW. Canada Pension Plan Investment Board increased its holdings in Palo Alto Networks by 84.7% in 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 buying an additional 670,016 shares during the period. Bank of Montreal Can increased its holdings in Palo Alto Networks by 193.7% in the 2nd quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock worth $112,061,000 after buying an additional 359,685 shares during the period. First Trust Advisors LP increased its holdings in Palo Alto Networks by 199.8% in the 2nd quarter. First Trust Advisors LP now owns 529,520 shares of the network technology company’s stock worth $108,800,000 after buying an additional 352,914 shares during the period. Altshuler Shaham Ltd acquired a new position in Palo Alto Networks in the 2nd quarter worth approximately $65,038,000. Finally, Criterion Capital Management LLC acquired a new position in Palo Alto Networks in the 2nd quarter worth approximately $62,227,000. Institutional investors own 80.23% of the company’s stock.

Palo Alto Networks stock opened at $184.24 on Friday. Palo Alto Networks Inc has a 1 year low of $135.85 and a 1 year high of $239.50. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.93 and a quick ratio of 1.93.

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

Several equities analysts recently weighed in on PANW shares. Zacks Investment Research downgraded shares of Palo Alto Networks from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. UBS Group increased their price target on shares of Palo Alto Networks from $212.00 to $232.00 and gave the stock a “neutral” rating in a report on Friday, September 7th. Citigroup increased their price target on shares of Palo Alto Networks from $237.00 to $270.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Royal Bank of Canada raised their price objective on shares of Palo Alto Networks to $250.00 in a research note on Friday, September 7th. Finally, Evercore ISI reaffirmed a “buy” rating and set a $270.00 price objective on shares of Palo Alto Networks in a research note on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $240.94.

In related news, Director Stanley J. Meresman sold 1,979 shares of Palo Alto Networks stock in a transaction on Wednesday, September 12th. The shares were sold at an average price of $234.22, for a total value of $463,521.38. Following the sale, the director now owns 5,716 shares of the company’s stock, valued at approximately $1,338,801.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lee Klarich sold 3,939 shares of Palo Alto Networks stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $213.71, for a total transaction of $841,803.69. Following the completion of the sale, the executive vice president now directly owns 351,100 shares in the company, valued at approximately $75,033,581. The disclosure for this sale can be found here. Insiders sold a total of 219,178 shares of company stock worth $50,090,741 in the last three months. 3.10% of the stock is owned by corporate insiders.

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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