Chesley Taft & Associates LLC Grows Position in Palo Alto Networks Inc (PANW)

Chesley Taft & Associates LLC increased its position in Palo Alto Networks Inc (NYSE:PANW) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,744 shares of the network technology company’s stock after acquiring an additional 1,740 shares during the period. Chesley Taft & Associates LLC’s holdings in Palo Alto Networks were worth $5,799,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PANW. Bank of Montreal Can lifted its stake 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 valued at $112,061,000 after buying an additional 359,685 shares in the last quarter. Atria Investments LLC lifted its stake in shares of Palo Alto Networks by 37.0% during the 2nd quarter. Atria Investments LLC now owns 3,289 shares of the network technology company’s stock worth $676,000 after purchasing an additional 889 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Palo Alto Networks by 2.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 33,921 shares of the network technology company’s stock worth $6,970,000 after purchasing an additional 844 shares during the period. Raymond James & Associates lifted its stake in shares of Palo Alto Networks by 5.2% during the 2nd quarter. Raymond James & Associates now owns 166,218 shares of the network technology company’s stock worth $34,153,000 after purchasing an additional 8,200 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in shares of Palo Alto Networks by 9.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 196,445 shares of the network technology company’s stock worth $40,364,000 after purchasing an additional 17,234 shares during the period. Institutional investors and hedge funds own 80.65% of the company’s stock.

In related news, CFO Kathleen Bonanno sold 1,097 shares of the stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $208.77, for a total value of $229,020.69. Following the completion of the sale, the chief financial officer now directly owns 35,882 shares in the company, valued at approximately $7,491,085.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 30,000 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $199.94, for a total value of $5,998,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 286,336 shares of company stock valued at $63,480,958. 4.80% of the stock is owned by insiders.

A number of research analysts have weighed in on PANW shares. Zacks Investment Research lowered Palo Alto Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. UBS Group increased their price target on Palo Alto Networks from $212.00 to $232.00 and gave the stock a “neutral” rating in a research note on Friday, September 7th. Citigroup increased their price target on Palo Alto Networks from $237.00 to $270.00 and gave the stock a “buy” rating in a research note on Friday, September 7th. Royal Bank of Canada increased their price target on Palo Alto Networks to $250.00 in a research note on Friday, September 7th. Finally, Evercore ISI reissued a “buy” rating and set a $270.00 price target on shares of Palo Alto Networks in a research note on Friday, September 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $239.51.

NYSE PANW traded up $9.13 during trading hours on Friday, hitting $212.30. The company had a trading volume of 86,448 shares, compared to its average volume of 1,363,275. Palo Alto Networks Inc has a fifty-two week low of $135.85 and a fifty-two week high of $239.50. The company has a market cap of $21.13 billion, a P/E ratio of -385.45, a P/E/G ratio of 15.82 and a beta of 0.88. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 1.42.

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

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. Its platform includes Next-Generation Firewall that delivers application, user, and content visibility and control, as well as protection against network-based cyber threats; Advanced Endpoint Protection, which prevents cyber-attacks that exploit software vulnerabilities on various fixed, mobile, and virtual endpoints and servers; and Threat Intelligence Cloud, which offers central intelligence capabilities, security for software as a service applications, and automated delivery of preventative measures against cyber-attacks.

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

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