Westfield Capital Management Co. LP raised its stake in Palo Alto Networks Inc (NYSE:PANW) by 1.4% in the second quarter, Holdings Channel reports. The fund owned 238,769 shares of the network technology company’s stock after purchasing an additional 3,340 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Palo Alto Networks were worth $48,652,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Manchester Capital Management LLC bought a new position in Palo Alto Networks in the first quarter valued at about $26,000. Cable Hill Partners LLC boosted its position in Palo Alto Networks by 226.1% during the 1st quarter. Cable Hill Partners LLC now owns 150 shares of the network technology company’s stock worth $37,000 after buying an additional 104 shares during the period. Berman Capital Advisors LLC boosted its position in Palo Alto Networks by 32.1% during the 1st quarter. Berman Capital Advisors LLC now owns 177 shares of the network technology company’s stock worth $42,000 after buying an additional 43 shares during the period. Commonwealth Bank of Australia grew its holdings in Palo Alto Networks by 35.3% during the 2nd quarter. Commonwealth Bank of Australia now owns 253 shares of the network technology company’s stock worth $49,000 after acquiring an additional 66 shares during the last quarter. Finally, Cypress Capital Management LLC WY bought a new stake in Palo Alto Networks during the 2nd quarter worth approximately $51,000. 79.57% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on PANW. Deutsche Bank dropped their price target on shares of Palo Alto Networks from $305.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Morgan Stanley set a $290.00 price objective on shares of Palo Alto Networks and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Palo Alto Networks from $270.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Wedbush restated a “buy” rating and issued a $275.00 price objective on shares of Palo Alto Networks in a report on Thursday, September 5th. Finally, Mizuho lowered their target price on Palo Alto Networks from $265.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $261.23.
Palo Alto Networks (NYSE:PANW) last announced its earnings results on Wednesday, September 4th. The network technology company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.08). The business had revenue of $805.80 million for the quarter, compared to the consensus estimate of $803.56 million. Palo Alto Networks had a negative net margin of 2.82% and a positive return on equity of 5.13%. The firm’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 EPS. As a group, research analysts anticipate that Palo Alto Networks Inc will post 0.47 earnings per share for the current year.
In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $204.88, for a total value of $2,458,560.00. Following the completion of the sale, the executive vice president now directly owns 924,857 shares in the company, valued at $189,484,702.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark D. Mclaughlin sold 40,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $205.14, for a total transaction of $8,205,600.00. Following the completion of the sale, the director now owns 245,221 shares of the company’s stock, valued at $50,304,635.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,220 shares of company stock worth $25,827,116. Insiders own 3.10% of the company’s stock.
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.
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