Russell Investments Group Ltd. boosted its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 33.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,678 shares of the network technology company’s stock after purchasing an additional 18,776 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.08% of Palo Alto Networks worth $16,828,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. First Manhattan Co. purchased a new stake in Palo Alto Networks during the 3rd quarter worth about $106,000. Banco de Sabadell S.A purchased a new stake in Palo Alto Networks during the 2nd quarter worth about $103,000. CIBC Private Wealth Group LLC increased its holdings in Palo Alto Networks by 2,475.0% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 515 shares of the network technology company’s stock worth $106,000 after purchasing an additional 495 shares during the period. NEXT Financial Group Inc purchased a new stake in Palo Alto Networks during the 3rd quarter worth about $125,000. Finally, LeJeune Puetz Investment Counsel LLC purchased a new stake in Palo Alto Networks during the 2nd quarter worth about $123,000. Institutional investors own 80.09% of the company’s stock.
In related news, CFO Kathleen Bonanno sold 467 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $213.03, for a total value of $99,485.01. Following the completion of the sale, the chief financial officer now directly owns 34,954 shares of the company’s stock, valued at approximately $7,446,250.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stanley J. Meresman sold 1,979 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $234.22, for a total value of $463,521.38. Following the completion of the sale, the director now directly owns 5,716 shares of the company’s stock, valued at $1,338,801.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 285,178 shares of company stock valued at $62,189,621. Insiders own 3.10% of the company’s stock.
Shares of NYSE PANW opened at $183.09 on Friday. The stock has a market capitalization of $17.86 billion, a P/E ratio of -332.89, a PEG ratio of 13.30 and a beta of 1.22. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 1.42. Palo Alto Networks Inc has a 52-week low of $135.85 and a 52-week high of $239.50.
Palo Alto Networks (NYSE:PANW) last announced its 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. The firm had revenue of $658.10 million during the quarter, compared to analysts’ expectations of $634.14 million. Palo Alto Networks had a negative return on equity of 4.12% and a negative net margin of 6.51%. The business’s revenue was up 29.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.92 EPS. As a group, research analysts forecast that Palo Alto Networks Inc will post 0.61 earnings per share for the current fiscal year.
Several brokerages have weighed in on PANW. Monness Crespi & Hardt upped their price target on Palo Alto Networks from $235.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Royal Bank of Canada upped their price target on Palo Alto Networks to $250.00 in a report on Friday, September 7th. Zacks Investment Research upgraded Palo Alto Networks from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a report on Tuesday, October 9th. ValuEngine downgraded Palo Alto Networks from a “strong-buy” rating to a “buy” rating in a report on Monday, October 29th. Finally, Credit Suisse Group increased their price objective on Palo Alto Networks from $175.00 to $185.00 and gave the company an “underperform” rating in a report on Friday, September 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $240.94.
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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