Pitcairn Co. reduced its stake in Palo Alto Networks Inc (NYSE:PANW) by 12.2% during the first quarter, Holdings Channel reports. The firm owned 3,231 shares of the network technology company’s stock after selling 451 shares during the period. Pitcairn Co.’s holdings in Palo Alto Networks were worth $364,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of the company. Crestwood Advisors LLC raised its stake in Palo Alto Networks by 6.6% in the third quarter. Crestwood Advisors LLC now owns 4,264 shares of the network technology company’s stock valued at $679,000 after buying an additional 265 shares in the last quarter. Lockheed Martin Investment Management Co. raised its stake in Palo Alto Networks by 400.0% in the third quarter. Lockheed Martin Investment Management Co. now owns 10,000 shares of the network technology company’s stock valued at $1,593,000 after buying an additional 8,000 shares in the last quarter. Miracle Mile Advisors LLC bought a new stake in Palo Alto Networks during the third quarter valued at approximately $417,000. Columbia Asset Management bought a new stake in Palo Alto Networks during the third quarter valued at approximately $207,000. Finally, Essex Investment Management Co. LLC raised its stake in Palo Alto Networks by 7.8% in the third quarter. Essex Investment Management Co. LLC now owns 90,857 shares of the network technology company’s stock valued at $14,476,000 after buying an additional 6,537 shares in the last quarter. Institutional investors own 86.51% of the company’s stock.
Palo Alto Networks Inc (NYSE:PANW) traded up 2.45% during midday trading on Friday, hitting $116.50. The stock had a trading volume of 2,145,646 shares. The stock’s market cap is $10.72 billion. The company’s 50-day moving average price is $112.44 and its 200 day moving average price is $130.55. Palo Alto Networks Inc has a 12-month low of $107.31 and a 12-month high of $165.69.
Palo Alto Networks (NYSE:PANW) last posted its earnings results on Tuesday, February 28th. The network technology company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.01. Palo Alto Networks had a negative return on equity of 35.75% and a negative net margin of 16.83%. The company had revenue of $422.60 million for the quarter, compared to analyst estimates of $429.91 million. During the same period last year, the company earned $0.40 earnings per share. The business’s revenue was up 26.3% compared to the same quarter last year. On average, equities research analysts predict that Palo Alto Networks Inc will post $2.48 earnings per share for the current fiscal year.
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A number of research analysts have recently issued reports on PANW shares. Vetr lowered Palo Alto Networks from a “buy” rating to a “hold” rating and set a $151.73 target price on the stock. in a research report on Tuesday, January 31st. Wells Fargo & Co reiterated an “outperform” rating and set a $185.00 target price (down previously from $195.00) on shares of Palo Alto Networks in a research report on Friday, March 3rd. Zacks Investment Research upgraded Palo Alto Networks from a “hold” rating to a “strong-buy” rating and set a $178.00 target price on the stock in a research report on Tuesday, February 21st. TheStreet lowered Palo Alto Networks from a “c-” rating to a “d+” rating in a research report on Thursday, March 23rd. Finally, BMO Capital Markets increased their target price on Palo Alto Networks from $150.00 to $160.00 and gave the company a “market perform” rating in a research report on Monday, February 27th. Sixteen equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Palo Alto Networks has a consensus rating of “Buy” and an average target price of $150.78.
Palo Alto Networks Company Profile
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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