Russell Investments Group Ltd. cut its position in Palo Alto Networks Inc (NYSE:PANW) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 135,396 shares of the network technology company’s stock after selling 5,868 shares during the quarter. Russell Investments Group Ltd. owned 0.14% of Palo Alto Networks worth $27,575,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Carlson Capital L P raised its position in shares of Palo Alto Networks by 26.4% in the 2nd quarter. Carlson Capital L P now owns 186,934 shares of the network technology company’s stock valued at $38,090,000 after buying an additional 39,057 shares in the last quarter. Cumberland Partners Ltd raised its position in shares of Palo Alto Networks by 33.3% in the 2nd quarter. Cumberland Partners Ltd now owns 2,000 shares of the network technology company’s stock valued at $408,000 after buying an additional 500 shares in the last quarter. BBT Capital Management LLC acquired a new position in shares of Palo Alto Networks in the 2nd quarter valued at approximately $756,000. Grandeur Peak Global Advisors LLC raised its position in shares of Palo Alto Networks by 3.4% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 6,075 shares of the network technology company’s stock valued at $1,238,000 after buying an additional 200 shares in the last quarter. Finally, Hartford Investment Management Co. raised its position in shares of Palo Alto Networks by 2.9% in the 2nd quarter. Hartford Investment Management Co. now owns 10,590 shares of the network technology company’s stock valued at $2,158,000 after buying an additional 303 shares in the last quarter. Institutional investors own 78.77% of the company’s stock.
Several brokerages recently issued reports on PANW. Northland Securities reaffirmed a “hold” rating and set a $240.00 price target on shares of Palo Alto Networks in a report on Monday, September 16th. Wells Fargo & Co decreased their price target on shares of Palo Alto Networks from $300.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, September 5th. ValuEngine raised shares of Palo Alto Networks from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Wedbush reaffirmed a “buy” rating and set a $275.00 price target on shares of Palo Alto Networks in a report on Thursday, September 5th. Finally, SunTrust Banks began coverage on shares of Palo Alto Networks in a report on Wednesday, October 2nd. They set a “buy” rating and a $246.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Palo Alto Networks presently has an average rating of “Buy” and an average price target of $260.74.
In other news, Director Mark D. Mclaughlin sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $207.78, for a total value of $8,311,200.00. Following the transaction, the director now owns 240,236 shares in the company, valued at approximately $49,916,236.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $232.10, for a total transaction of $2,785,200.00. Following the completion of the transaction, the executive vice president now owns 900,546 shares in the company, valued at approximately $209,016,726.60. The disclosure for this sale can be found here. Insiders have sold a total of 77,610 shares of company stock worth $16,437,971 over the last three months. Insiders own 2.30% of the company’s stock.
PANW opened at $233.86 on Friday. Palo Alto Networks Inc has a fifty-two week low of $160.08 and a fifty-two week high of $260.63. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.78 and a quick ratio of 1.78. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of 371.21 and a beta of 0.99. The company’s 50 day moving average price is $215.30 and its two-hundred day moving average price is $215.75.
Palo Alto Networks (NYSE:PANW) last posted its earnings results on Wednesday, September 4th. The network technology company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.08). Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The business had revenue of $805.80 million for the quarter, compared to the consensus estimate of $803.56 million. During the same period in the previous year, the firm earned $1.28 earnings per share. The company’s revenue was up 22.4% compared to the same quarter last year. As a group, equities research analysts predict that Palo Alto Networks Inc will post -0.05 EPS for the current year.
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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