Abbot Financial Management Inc. bought a new stake in shares of Palo Alto Networks, Inc. (NYSE:PANW) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,600 shares of the network technology company’s stock, valued at approximately $214,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. WFG Advisors LP boosted its stake in shares of Palo Alto Networks by 5.9% during the first quarter. WFG Advisors LP now owns 900 shares of the network technology company’s stock valued at $101,000 after purchasing an additional 50 shares during the period. Global X Management Co. LLC boosted its stake in shares of Palo Alto Networks by 31.9% during the first quarter. Global X Management Co. LLC now owns 939 shares of the network technology company’s stock valued at $106,000 after purchasing an additional 227 shares during the period. First Interstate Bank boosted its stake in shares of Palo Alto Networks by 130.7% during the first quarter. First Interstate Bank now owns 1,375 shares of the network technology company’s stock valued at $155,000 after purchasing an additional 779 shares during the period. Salem Investment Counselors Inc. purchased a new stake in shares of Palo Alto Networks during the first quarter valued at $191,000. Finally, OLD National Bancorp IN purchased a new stake in shares of Palo Alto Networks during the second quarter valued at $201,000. 77.00% of the stock is owned by hedge funds and other institutional investors.
PANW has been the subject of a number of recent analyst reports. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $173.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 23rd. Piper Jaffray Companies set a $146.00 price objective on shares of Palo Alto Networks and gave the stock a “buy” rating in a research note on Friday, August 25th. Cowen and Company reaffirmed an “outperform” rating and issued a $165.00 price objective (up from $150.00) on shares of Palo Alto Networks in a research note on Thursday, June 1st. Rosenblatt Securities reissued a “buy” rating and set a $160.00 price target on shares of Palo Alto Networks in a research report on Friday, September 1st. Finally, Deutsche Bank AG reissued a “hold” rating and set a $135.00 price target (up from $125.00) on shares of Palo Alto Networks in a research report on Thursday, June 1st. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $157.91.
In other news, President Mark Anderson sold 44,429 shares of Palo Alto Networks stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $143.10, for a total value of $6,357,789.90. Following the transaction, the president now directly owns 176,290 shares in the company, valued at $25,227,099. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carl M. Eschenbach sold 1,572 shares of Palo Alto Networks stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $144.99, for a total value of $227,924.28. Following the completion of the transaction, the director now owns 3,619 shares in the company, valued at $524,718.81. The disclosure for this sale can be found here. Insiders sold 78,001 shares of company stock valued at $11,014,834 in the last ninety days. Insiders own 4.80% of the company’s stock.
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Shares of Palo Alto Networks, Inc. (PANW) traded down 0.03% during midday trading on Wednesday, reaching $142.83. The company’s stock had a trading volume of 146,067 shares. Palo Alto Networks, Inc. has a 52 week low of $107.31 and a 52 week high of $165.69. The stock’s market capitalization is $13.12 billion. The stock has a 50-day moving average price of $135.34 and a 200 day moving average price of $126.14.
Palo Alto Networks (NYSE:PANW) last announced its quarterly earnings results on Thursday, August 31st. The network technology company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.92). Palo Alto Networks had a negative return on equity of 19.72% and a negative net margin of 12.57%. The company had revenue of $509.00 million during the quarter, compared to analyst estimates of $487.53 million. During the same period in the prior year, the firm earned $0.50 EPS. Palo Alto Networks’s quarterly revenue was up 27.0% on a year-over-year basis. Equities analysts forecast that Palo Alto Networks, Inc. will post $3.34 earnings per share for the current year.
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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