Financial Counselors Inc. lessened its stake in Palo Alto Networks Inc (NYSE:PANW) by 18.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,456 shares of the network technology company’s stock after selling 1,480 shares during the quarter. Financial Counselors Inc.’s holdings in Palo Alto Networks were worth $1,454,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of PANW. Canada Pension Plan Investment Board grew its holdings in 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 in the last quarter. Bank of Montreal Can grew its holdings in 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 in the last quarter. First Trust Advisors LP grew its holdings in 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 in the last quarter. Altshuler Shaham Ltd bought a new position in Palo Alto Networks during the 2nd quarter worth about $65,038,000. Finally, Criterion Capital Management LLC bought a new position in Palo Alto Networks during the 2nd quarter worth about $62,227,000. 80.23% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on PANW shares. ValuEngine upgraded shares of Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a report on Friday, August 3rd. Zacks Investment Research cut shares of Palo Alto Networks from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Raymond James increased their target price on shares of Palo Alto Networks from $240.00 to $254.00 and gave the stock an “outperform” rating in a report on Wednesday, September 5th. Evercore ISI reiterated a “buy” rating and set a $270.00 target price on shares of Palo Alto Networks in a report on Friday, September 7th. Finally, Jefferies Financial Group increased their target price on shares of Palo Alto Networks to $267.00 and gave the stock a “buy” rating in a report on Friday, September 7th. One 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 given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $240.94.
Palo Alto Networks (NYSE:PANW) last released its earnings results on Thursday, September 6th. The network technology company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.11. The company had revenue of $658.10 million during the quarter, compared to analysts’ expectations of $634.14 million. Palo Alto Networks had a negative net margin of 6.51% and a negative return on equity of 4.12%. Palo Alto Networks’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. As a group, analysts anticipate that Palo Alto Networks Inc will post 0.61 earnings per share for the current year.
In related news, EVP Lee Klarich sold 3,939 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $213.71, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark D. Mclaughlin sold 40,000 shares of Palo Alto Networks stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $235.24, for a total transaction of $9,409,600.00. The disclosure for this sale can be found here. Insiders sold a total of 219,178 shares of company stock valued at $50,090,741 over the last quarter. 3.10% of the stock is owned by company insiders.
Palo Alto Networks Company Profile
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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