Welch & Forbes LLC held its stake in shares of Palo Alto Networks, Inc. (NYSE:PANW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,991 shares of the network technology company’s stock at the end of the second quarter. Welch & Forbes LLC’s holdings in Palo Alto Networks were worth $266,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of PANW. WFG Advisors LP increased its position in Palo Alto Networks by 5.9% in the first quarter. WFG Advisors LP now owns 900 shares of the network technology company’s stock worth $101,000 after buying an additional 50 shares during the last quarter. Global X Management Co. LLC increased its position in Palo Alto Networks by 31.9% in the first quarter. Global X Management Co. LLC now owns 939 shares of the network technology company’s stock worth $106,000 after buying an additional 227 shares during the last quarter. First Interstate Bank increased its position in Palo Alto Networks by 130.7% in the first quarter. First Interstate Bank now owns 1,375 shares of the network technology company’s stock worth $155,000 after buying an additional 779 shares during the last quarter. Salem Investment Counselors Inc. acquired a new position in Palo Alto Networks during the first quarter worth approximately $191,000. Finally, OLD National Bancorp IN acquired a new position in Palo Alto Networks during the second quarter worth approximately $201,000. Institutional investors own 80.25% of the company’s stock.
Shares of Palo Alto Networks, Inc. (NYSE:PANW) traded down 0.22% during mid-day trading on Friday, reaching $130.27. The company had a trading volume of 743,963 shares. The company’s market capitalization is $11.96 billion. The company’s 50-day moving average price is $134.58 and its 200-day moving average price is $127.85. Palo Alto Networks, Inc. has a 52-week low of $107.31 and a 52-week high of $165.69.
Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Wednesday, May 31st. The network technology company reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.06. Palo Alto Networks had a negative net margin of 14.38% and a negative return on equity of 23.77%. The business had revenue of $431.80 million for the quarter, compared to analysts’ expectations of $412.11 million. During the same period in the prior year, the firm earned $0.42 earnings per share. Palo Alto Networks’s revenue was up 24.9% compared to the same quarter last year. On average, analysts forecast that Palo Alto Networks, Inc. will post $2.59 earnings per share for the current fiscal year.
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PANW has been the subject of a number of research analyst reports. UBS AG reissued a “neutral” rating and issued a $140.00 target price (up from $130.00) on shares of Palo Alto Networks in a research report on Monday, June 5th. Evercore ISI set a $140.00 target price on Palo Alto Networks and gave the company a “hold” rating in a research report on Saturday, June 17th. BidaskClub raised Palo Alto Networks from a “strong sell” rating to a “sell” rating in a research report on Thursday. ValuEngine raised Palo Alto Networks from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $145.00 price objective (up from $130.00) on shares of Palo Alto Networks in a research report on Thursday, June 1st. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Palo Alto Networks has a consensus rating of “Buy” and a consensus target price of $150.94.
In other news, Director James J. Goetz sold 30,000 shares of the stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $137.97, for a total transaction of $4,139,100.00. Following the sale, the director now directly owns 271,645 shares of the company’s stock, valued at $37,478,860.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.
About Palo Alto Networks
Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.
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