Patten & Patten Inc. TN Buys New Shares in Palo Alto Networks, Inc. (NASDAQ:PANW)

Patten & Patten Inc. TN purchased a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) in the 3rd quarter, Holdings Channel reports. The fund purchased 586 shares of the network technology company’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new position in Palo Alto Networks in the first quarter valued at about $25,000. Capital Advisors Ltd. LLC lifted its stake in Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after buying an additional 41 shares during the period. Sound Income Strategies LLC lifted its stake in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL raised its position in shares of Palo Alto Networks by 177.4% during the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 55 shares during the period. Finally, Cape Investment Advisory Inc. raised its position in shares of Palo Alto Networks by 1,111.1% during the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock worth $31,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PANW. Wedbush restated an “outperform” rating and issued a $375.00 price objective on shares of Palo Alto Networks in a research note on Friday, August 16th. Rosenblatt Securities increased their price objective on Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. lifted their price objective on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Scotiabank raised their target price on Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price objective on Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $378.87.

Insider Transactions at Palo Alto Networks

In other news, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the completion of the sale, the director now owns 41,517 shares in the company, valued at approximately $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $341.44, for a total value of $341,440.00. Following the completion of the transaction, the director now directly owns 41,517 shares of the company’s stock, valued at approximately $14,175,564.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,252 shares of company stock worth $89,383,077. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Trading Down 0.0 %

Palo Alto Networks stock opened at $398.02 on Wednesday. Palo Alto Networks, Inc. has a twelve month low of $234.15 and a twelve month high of $400.69. The stock’s fifty day simple moving average is $355.84 and its 200-day simple moving average is $333.78. The firm has a market capitalization of $129.60 billion, a P/E ratio of 54.90, a P/E/G ratio of 5.68 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the firm posted $0.80 earnings per share. Palo Alto Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. Sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.