Principal Financial Group Inc. Has $29.80 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Principal Financial Group Inc. raised its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 35.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 62,222 shares of the network technology company’s stock after buying an additional 16,123 shares during the quarter. Principal Financial Group Inc. owned 0.06% of Palo Alto Networks worth $29,804,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Essex Savings Bank lifted its stake in Palo Alto Networks by 3.0% in the third quarter. Essex Savings Bank now owns 686 shares of the network technology company’s stock valued at $317,000 after buying an additional 20 shares during the period. Rossmore Private Capital raised its position in shares of Palo Alto Networks by 1.0% during the third quarter. Rossmore Private Capital now owns 2,094 shares of the network technology company’s stock worth $1,003,000 after purchasing an additional 20 shares during the period. Montecito Bank & Trust raised its position in shares of Palo Alto Networks by 1.6% during the third quarter. Montecito Bank & Trust now owns 1,460 shares of the network technology company’s stock worth $699,000 after purchasing an additional 23 shares during the period. Parkside Financial Bank & Trust raised its position in shares of Palo Alto Networks by 32.9% during the third quarter. Parkside Financial Bank & Trust now owns 93 shares of the network technology company’s stock worth $44,000 after purchasing an additional 23 shares during the period. Finally, Fortress Wealth Group LLC raised its position in shares of Palo Alto Networks by 3.1% during the third quarter. Fortress Wealth Group LLC now owns 822 shares of the network technology company’s stock worth $394,000 after purchasing an additional 25 shares during the period. 85.19% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently issued reports on PANW shares. Robert W. Baird upped their price target on Palo Alto Networks from $540.00 to $625.00 and gave the stock an “outperform” rating in a report on Friday, November 19th. Argus upped their price target on Palo Alto Networks from $530.00 to $620.00 and gave the stock a “buy” rating in a report on Tuesday, November 23rd. Oppenheimer upped their price target on Palo Alto Networks from $550.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday, November 19th. Credit Suisse Group reiterated an “outperform” rating and set a $625.00 price target on shares of Palo Alto Networks in a report on Tuesday, November 16th. Finally, Zacks Investment Research downgraded Palo Alto Networks from a “hold” rating to a “sell” rating and set a $560.00 price target for the company. in a report on Wednesday, November 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $580.82.

In other news, Director Mark D. Mclaughlin sold 1,500 shares of Palo Alto Networks stock in a transaction that occurred on Wednesday, November 3rd. The stock was sold at an average price of $507.22, for a total value of $760,830.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, January 3rd. The shares were sold at an average price of $544.12, for a total value of $6,529,440.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,875 shares of company stock worth $30,746,594. 2.20% of the stock is owned by corporate insiders.

Shares of NASDAQ PANW opened at $499.11 on Friday. The stock has a market cap of $49.25 billion, a price-to-earnings ratio of -94.71 and a beta of 1.36. Palo Alto Networks, Inc. has a 1-year low of $311.56 and a 1-year high of $572.67. The stock’s 50-day moving average is $531.47 and its 200 day moving average is $472.95.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Thursday, November 18th. The network technology company reported $1.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.07. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Palo Alto Networks had a negative return on equity of 26.86% and a negative net margin of 11.20%. Palo Alto Networks’s revenue for the quarter was up 31.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) EPS. As a group, sell-side analysts anticipate that Palo Alto Networks, Inc. will post -1.19 earnings per share for the current fiscal year.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

Read More: Cost of Equity For A Business, Investors

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

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