IHT Wealth Management LLC purchased a new stake in Palo Alto Networks Inc (NYSE:PANW) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,044 shares of the network technology company’s stock, valued at approximately $213,000.
A number of other hedge funds have also modified their holdings of PANW. Senator Investment Group LP acquired a new stake in shares of Palo Alto Networks in the 2nd quarter valued at approximately $203,760,000. Renaissance Technologies LLC grew its position in shares of Palo Alto Networks by 13.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,074,350 shares of the network technology company’s stock valued at $1,033,950,000 after acquiring an additional 590,200 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Palo Alto Networks by 292.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 620,651 shares of the network technology company’s stock worth $126,464,000 after purchasing an additional 462,447 shares during the last quarter. Cadian Capital Management LP increased its stake in shares of Palo Alto Networks by 41.9% during the 2nd quarter. Cadian Capital Management LP now owns 1,318,316 shares of the network technology company’s stock worth $268,620,000 after purchasing an additional 389,383 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in shares of Palo Alto Networks by 29.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,460,690 shares of the network technology company’s stock valued at $297,630,000 after purchasing an additional 332,680 shares during the period. Hedge funds and other institutional investors own 79.91% of the company’s stock.
PANW has been the subject of several recent analyst reports. Piper Jaffray Companies began coverage on shares of Palo Alto Networks in a research note on Friday, November 8th. They issued a “neutral” rating and a $270.00 target price for the company. Wells Fargo & Co lowered their price target on Palo Alto Networks from $300.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, September 5th. Barclays dropped their price objective on Palo Alto Networks from $264.00 to $260.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 26th. KeyCorp dropped their price objective on Palo Alto Networks from $280.00 to $250.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. Finally, Goldman Sachs Group assumed coverage on Palo Alto Networks in a research report on Tuesday, November 12th. They issued a “buy” rating and a $295.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Palo Alto Networks presently has an average rating of “Buy” and an average target price of $261.06.
In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $210.66, for a total value of $2,527,920.00. Following the completion of the transaction, the executive vice president now directly owns 924,695 shares of the company’s stock, valued at approximately $194,796,248.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nikesh Arora acquired 25,000 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was bought at an average cost of $221.54 per share, with a total value of $5,538,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 479,429 shares in the company, valued at $106,212,700.66. The disclosure for this purchase can be found here. Insiders sold 77,610 shares of company stock worth $16,437,971 over the last 90 days. 2.30% of the stock is currently owned by corporate insiders.
Shares of NYSE PANW opened at $227.01 on Wednesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.78 and a quick ratio of 1.78. The stock’s fifty day moving average price is $230.56 and its two-hundred day moving average price is $215.51. Palo Alto Networks Inc has a one year low of $168.80 and a one year high of $260.63. The firm has a market cap of $22.26 billion, a price-to-earnings ratio of 360.33 and a beta of 0.94.
Palo Alto Networks (NYSE:PANW) last posted its earnings results on Monday, November 25th. The network technology company reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $1.22. The company had revenue of $772.00 million during the quarter, compared to the consensus estimate of $769.34 million. Palo Alto Networks had a positive return on equity of 2.43% and a negative net margin of 3.42%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.17 earnings per share. On average, equities analysts anticipate that Palo Alto Networks Inc will post -0.12 earnings per share for the current fiscal 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.
Further Reading: Benefits of owning preferred stock
Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).
Receive News & Ratings for Palo Alto Networks Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Palo Alto Networks and related companies with MarketBeat.com’s FREE daily email newsletter.