Nicollet Investment Management Inc. boosted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,959 shares of the network technology company’s stock after purchasing an additional 52 shares during the quarter. Palo Alto Networks comprises 1.9% of Nicollet Investment Management Inc.’s portfolio, making the stock its 20th biggest holding. Nicollet Investment Management Inc.’s holdings in Palo Alto Networks were worth $5,455,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Nwam LLC grew its stake in Palo Alto Networks by 16.8% during the first quarter. Nwam LLC now owns 1,278 shares of the network technology company’s stock valued at $390,000 after acquiring an additional 184 shares in the last quarter. M&G Plc bought a new stake in shares of Palo Alto Networks in the first quarter worth about $1,965,000. First Foundation Advisors lifted its position in shares of Palo Alto Networks by 37.8% in the first quarter. First Foundation Advisors now owns 259 shares of the network technology company’s stock worth $74,000 after buying an additional 71 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Palo Alto Networks by 265.0% in the first quarter. Intech Investment Management LLC now owns 4,957 shares of the network technology company’s stock worth $1,408,000 after buying an additional 3,599 shares in the last quarter. Finally, Cercano Management LLC bought a new position in Palo Alto Networks during the first quarter valued at approximately $15,498,000. 79.82% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have recently commented on PANW. BMO Capital Markets increased their target price on Palo Alto Networks from $334.00 to $390.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Rosenblatt Securities lifted their price target on Palo Alto Networks from $300.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Wedbush restated an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. BNP Paribas assumed coverage on Palo Alto Networks in a report on Tuesday, October 8th. They issued an “outperform” rating and a $410.00 target price for the company. Finally, DA Davidson boosted their price objective on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $381.56.
Insiders Place Their Bets
In other news, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the transaction, the chief executive officer now owns 618,715 shares in the company, valued at $227,680,932.85. The trade was a 11.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Pat Mccarthy sold 1,000 shares of Palo Alto Networks stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $341.44, for a total transaction of $341,440.00. Following the transaction, the director now directly owns 41,517 shares in the company, valued at $14,175,564.48. This trade represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 255,252 shares of company stock worth $89,383,077. 2.50% of the stock is owned by corporate insiders.
Palo Alto Networks Stock Performance
Shares of PANW stock opened at $387.00 on Friday. Palo Alto Networks, Inc. has a fifty-two week low of $234.15 and a fifty-two week high of $408.53. The firm has a market capitalization of $126.01 billion, a PE ratio of 53.38, a P/E/G ratio of 5.84 and a beta of 1.12. The stock’s 50-day simple moving average is $359.86 and its 200-day simple moving average is $336.07.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the company earned $0.80 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.
Palo Alto Networks Company 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.
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