State of Alaska Department of Revenue boosted its holdings in shares of Palo Alto Networks Inc (NYSE:PANW) by 23.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,068 shares of the network technology company’s stock after acquiring an additional 5,278 shares during the period. State of Alaska Department of Revenue’s holdings in Palo Alto Networks were worth $6,321,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in Palo Alto Networks by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 91,872 shares of the network technology company’s stock valued at $16,677,000 after purchasing an additional 429 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Palo Alto Networks by 6.8% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 12,009 shares of the network technology company’s stock valued at $2,180,000 after purchasing an additional 762 shares during the last quarter. Profund Advisors LLC boosted its holdings in Palo Alto Networks by 21.8% in the 1st quarter. Profund Advisors LLC now owns 1,804 shares of the network technology company’s stock valued at $327,000 after purchasing an additional 323 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in Palo Alto Networks in the 1st quarter valued at about $4,501,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Palo Alto Networks by 14.1% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 34,537 shares of the network technology company’s stock valued at $6,269,000 after purchasing an additional 4,260 shares during the last quarter. 80.65% of the stock is owned by institutional investors.
Several equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Palo Alto Networks from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a report on Tuesday. Morgan Stanley boosted their target price on shares of Palo Alto Networks to $276.00 and gave the company a “top pick” rating in a report on Monday, October 8th. UBS Group upgraded shares of Palo Alto Networks to a “neutral” rating in a report on Wednesday, October 3rd. Argus boosted their target price on shares of Palo Alto Networks to $275.00 and gave the company a “buy” rating in a report on Monday, September 10th. Finally, Citigroup upped their price objective 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and two have given a strong buy rating to the company’s stock. Palo Alto Networks has a consensus rating of “Buy” and a consensus target price of $239.51.
In other Palo Alto Networks news, EVP Lee Klarich sold 3,939 shares of the stock in a transaction that occurred 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 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 SEC, which is available through this link. Also, President Mark Anderson sold 28,814 shares of the stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $218.43, for a total transaction of $6,293,842.02. Following the sale, the president now owns 130,841 shares in the company, valued at $28,579,599.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 290,275 shares of company stock worth $64,322,762. 4.80% of the stock is owned by company insiders.
Palo Alto Networks stock opened at $211.95 on Friday. The company has a market cap of $21.13 billion, a price-to-earnings ratio of -385.36, a price-to-earnings-growth ratio of 15.82 and a beta of 0.88. Palo Alto Networks Inc has a 52-week low of $135.85 and a 52-week high of $239.50. 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 released its earnings results on Thursday, September 6th. The network technology company reported $1.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.11. The company had revenue of $658.10 million for the quarter, compared to analyst estimates of $634.14 million. Palo Alto Networks had a negative net margin of 6.51% and a negative return on equity of 4.12%. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 EPS. Equities analysts expect that Palo Alto Networks Inc will post 0.61 earnings per share for the current fiscal year.
About Palo Alto Networks
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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