White Elm Capital LLC boosted its position in shares of Palo Alto Networks Inc (NYSE:PANW) by 10.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,638 shares of the network technology company’s stock after purchasing an additional 8,238 shares during the period. Palo Alto Networks comprises 4.2% of White Elm Capital LLC’s holdings, making the stock its 13th largest position. White Elm Capital LLC owned approximately 0.09% of Palo Alto Networks worth $17,042,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in PANW. Geode Capital Management LLC raised its holdings in Palo Alto Networks by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 810,984 shares of the network technology company’s stock valued at $152,637,000 after buying an additional 32,284 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Palo Alto Networks by 4.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 103,149 shares of the network technology company’s stock worth $19,425,000 after buying an additional 4,496 shares in the last quarter. Comerica Bank grew its position in shares of Palo Alto Networks by 13.2% during the first quarter. Comerica Bank now owns 8,582 shares of the network technology company’s stock worth $2,082,000 after buying an additional 1,003 shares in the last quarter. First Allied Advisory Services Inc. grew its position in shares of Palo Alto Networks by 16.9% during the first quarter. First Allied Advisory Services Inc. now owns 2,710 shares of the network technology company’s stock worth $657,000 after buying an additional 392 shares in the last quarter. Finally, Cetera Advisor Networks LLC acquired a new position in shares of Palo Alto Networks during the first quarter worth about $520,000. Hedge funds and other institutional investors own 79.37% of the company’s stock.
In other Palo Alto Networks news, CFO Kathleen Bonanno sold 1,609 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $224.00, for a total transaction of $360,416.00. Following the completion of the sale, the chief financial officer now owns 28,572 shares in the company, valued at approximately $6,400,128. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $204.88, for a total value of $2,458,560.00. Following the sale, the executive vice president now owns 924,857 shares of the company’s stock, valued at approximately $189,484,702.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 171,220 shares of company stock valued at $36,666,236. 3.10% of the stock is owned by insiders.
Palo Alto Networks (NYSE:PANW) last posted its earnings results on Wednesday, September 4th. The network technology company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.08). Palo Alto Networks had a negative net margin of 2.82% and a positive return on equity of 4.82%. The company had revenue of $805.80 million during the quarter, compared to analyst estimates of $803.56 million. During the same quarter last year, the business posted $1.28 EPS. Palo Alto Networks’s quarterly revenue was up 22.4% compared to the same quarter last year. Sell-side analysts forecast that Palo Alto Networks Inc will post 0.47 EPS for the current year.
PANW has been the subject of several recent analyst reports. Cowen initiated coverage on Palo Alto Networks in a research note on Thursday, May 23rd. They set a “market perform” rating and a $230.00 target price for the company. JMP Securities cut their price target on Palo Alto Networks from $270.00 to $250.00 and set a “market outperform” rating for the company in a research note on Thursday, May 30th. ValuEngine upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Rosenblatt Securities initiated coverage on Palo Alto Networks in a research note on Monday, September 9th. They set a “hold” rating and a $220.00 price target for the company. Finally, Jefferies Financial Group cut their price target on Palo Alto Networks from $296.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $261.23.
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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