Palo Alto Networks Inc (PANW) Stake Lessened by Quest Investment Management LLC

Quest Investment Management LLC reduced its position in shares of Palo Alto Networks Inc (NYSE:PANW) by 80.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,401 shares of the network technology company’s stock after selling 50,565 shares during the period. Quest Investment Management LLC’s holdings in Palo Alto Networks were worth $2,548,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its position in Palo Alto Networks by 1.8% in the first quarter. Northern Trust Corp now owns 1,089,570 shares of the network technology company’s stock valued at $197,778,000 after acquiring an additional 19,336 shares during the last quarter. Summit Trail Advisors LLC lifted its position in Palo Alto Networks by 19,903.8% in the first quarter. Summit Trail Advisors LLC now owns 848,163 shares of the network technology company’s stock valued at $848,000 after acquiring an additional 843,923 shares during the last quarter. Bank of Montreal Can lifted its position in Palo Alto Networks by 193.7% in the second quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock valued at $112,061,000 after acquiring an additional 359,685 shares during the last quarter. First Trust Advisors LP lifted its position in Palo Alto Networks by 199.8% in the second quarter. First Trust Advisors LP now owns 529,520 shares of the network technology company’s stock valued at $108,800,000 after acquiring an additional 352,914 shares during the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in Palo Alto Networks by 0.7% in the second quarter. Frontier Capital Management Co. LLC now owns 499,517 shares of the network technology company’s stock valued at $102,636,000 after acquiring an additional 3,435 shares during the last quarter. 81.03% of the stock is owned by institutional investors and hedge funds.

Shares of Palo Alto Networks stock opened at $212.62 on Friday. Palo Alto Networks Inc has a 52-week low of $126.56 and a 52-week high of $219.38.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Monday, June 4th. The network technology company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.08. Palo Alto Networks had a negative net margin of 8.65% and a negative return on equity of 8.51%. The business had revenue of $567.10 million for the quarter, compared to analyst estimates of $545.79 million. sell-side analysts expect that Palo Alto Networks Inc will post -0.27 earnings per share for the current year.

In other Palo Alto Networks news, Director Stanley J. Meresman sold 1,979 shares of the company’s stock in a transaction dated Wednesday, June 13th. The shares were sold at an average price of $212.17, for a total transaction of $419,884.43. Following the transaction, the director now directly owns 315,667 shares in the company, valued at $66,975,067.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nikesh Arora bought 33,255 shares of the stock in a transaction on Friday, June 8th. The shares were bought at an average price of $199.20 per share, for a total transaction of $6,624,396.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 73,910 shares of company stock worth $15,307,149 and have sold 238,195 shares worth $48,491,581. Insiders own 4.80% of the company’s stock.

A number of equities research analysts recently weighed in on PANW shares. Stifel Nicolaus boosted their price target on shares of Palo Alto Networks from $200.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, May 30th. Deutsche Bank boosted their price target on shares of Palo Alto Networks from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. Deutsche Bank boosted their price target on shares of Palo Alto Networks from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. Jefferies Financial Group boosted their price target on shares of Palo Alto Networks from $206.00 to $239.00 and gave the company a “buy” rating in a research report on Monday, June 4th. Finally, Monness Crespi & Hardt lifted their price objective on shares of Palo Alto Networks from $210.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, June 5th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Palo Alto Networks has a consensus rating of “Buy” and an average price target of $200.53.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. Its platform includes Next-Generation Firewall that delivers application, user, and content visibility and control, as well as protection against network-based cyber threats; Advanced Endpoint Protection, which prevents cyber-attacks that exploit software vulnerabilities on various fixed, mobile, and virtual endpoints and servers; and Threat Intelligence Cloud, which offers central intelligence capabilities, security for software as a service applications, and automated delivery of preventative measures against cyber-attacks.

Recommended Story: Google Finance Portfolio Workaround

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).

Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply