BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in Palo Alto Networks Inc (NYSE:PANW) by 21.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,250 shares of the network technology company’s stock after selling 10,385 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Palo Alto Networks were worth $8,616,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Banco de Sabadell S.A bought a new position in Palo Alto Networks in the second quarter valued at $103,000. CIBC Private Wealth Group LLC increased its stake in Palo Alto Networks by 2,475.0% in the second quarter. CIBC Private Wealth Group LLC now owns 515 shares of the network technology company’s stock valued at $106,000 after acquiring an additional 495 shares during the last quarter. First Manhattan Co. bought a new position in Palo Alto Networks in the third quarter valued at $106,000. Price Capital Management Inc. bought a new position in Palo Alto Networks in the third quarter valued at $113,000. Finally, NEXT Financial Group Inc bought a new position in Palo Alto Networks in the third quarter valued at $125,000. 80.83% of the stock is currently owned by hedge funds and other institutional investors.
Palo Alto Networks stock opened at $175.09 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.10 and a debt-to-equity ratio of 1.10. The stock has a market cap of $16.82 billion, a PE ratio of -318.35, a PEG ratio of 10.63 and a beta of 1.14. Palo Alto Networks Inc has a 1-year low of $142.67 and a 1-year high of $239.50.
Palo Alto Networks (NYSE:PANW) last posted its earnings results on Thursday, November 29th. The network technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.02. The company had revenue of $656.00 million during the quarter, compared to analyst estimates of $632.16 million. Palo Alto Networks had a negative net margin of 5.04% and a negative return on equity of 1.72%. Palo Alto Networks’s revenue for the quarter was up 30.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. Sell-side analysts predict that Palo Alto Networks Inc will post 0.71 earnings per share for the current year.
In other Palo Alto Networks news, Director Stanley J. Meresman sold 1,958 shares of the firm’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $177.48, for a total value of $347,505.84. Following the completion of the sale, the director now directly owns 1,658 shares in the company, valued at $294,261.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark D. Mclaughlin sold 40,000 shares of the firm’s stock in a transaction dated 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. Over the last quarter, insiders have sold 256,669 shares of company stock valued at $55,480,042. 3.10% of the stock is currently owned by company insiders.
Several research firms have issued reports on PANW. Royal Bank of Canada upped their price target on shares of Palo Alto Networks to $250.00 in a research report on Friday, September 7th. Citigroup upped their price target on shares of Palo Alto Networks from $237.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Rosenblatt Securities upped their price target on shares of Palo Alto Networks to $280.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Deutsche Bank upped their price target on shares of Palo Alto Networks to $265.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, Maxim Group upped their price target on shares of Palo Alto Networks from $262.00 to $274.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Palo Alto Networks presently has a consensus rating of “Buy” and an average target price of $239.94.
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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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