17,561 Shares in Palo Alto Networks, Inc. (NASDAQ:PANW) Purchased by Forbes J M & Co. LLP

Forbes J M & Co. LLP purchased a new position in Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,561 shares of the network technology company’s stock, valued at approximately $4,990,000.

A number of other hedge funds have also bought and sold shares of PANW. Horizon Family Wealth Inc. boosted its holdings in Palo Alto Networks by 1.1% in the fourth quarter. Horizon Family Wealth Inc. now owns 2,463 shares of the network technology company’s stock worth $726,000 after purchasing an additional 28 shares in the last quarter. MV Capital Management Inc. boosted its holdings in Palo Alto Networks by 37.2% in the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after purchasing an additional 29 shares in the last quarter. Manchester Capital Management LLC boosted its holdings in Palo Alto Networks by 17.2% in the fourth quarter. Manchester Capital Management LLC now owns 204 shares of the network technology company’s stock worth $60,000 after purchasing an additional 30 shares in the last quarter. Quent Capital LLC boosted its holdings in Palo Alto Networks by 15.9% in the fourth quarter. Quent Capital LLC now owns 233 shares of the network technology company’s stock worth $69,000 after purchasing an additional 32 shares in the last quarter. Finally, Parisi Gray Wealth Management lifted its position in Palo Alto Networks by 2.2% during the 4th quarter. Parisi Gray Wealth Management now owns 1,519 shares of the network technology company’s stock worth $448,000 after acquiring an additional 33 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Stock Performance

Palo Alto Networks stock traded up $9.29 during mid-day trading on Friday, reaching $320.33. The company’s stock had a trading volume of 7,203,352 shares, compared to its average volume of 2,960,115. The company has a market capitalization of $103.72 billion, a price-to-earnings ratio of 46.56, a price-to-earnings-growth ratio of 4.77 and a beta of 1.10. Palo Alto Networks, Inc. has a 12 month low of $201.17 and a 12 month high of $380.84. The business’s 50 day simple moving average is $301.84 and its 200 day simple moving average is $306.04.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last released its earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Insider Activity

In related news, Director John P. Key sold 2,163 shares of Palo Alto Networks stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $305.41, for a total transaction of $660,601.83. Following the completion of the sale, the director now owns 12,639 shares of the company’s stock, valued at approximately $3,860,076.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Lee Klarich sold 800 shares of Palo Alto Networks stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $300.21, for a total transaction of $240,168.00. Following the completion of the sale, the executive vice president now owns 166,542 shares of the company’s stock, valued at approximately $49,997,573.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Key sold 2,163 shares of Palo Alto Networks stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $305.41, for a total transaction of $660,601.83. Following the completion of the sale, the director now owns 12,639 shares of the company’s stock, valued at approximately $3,860,076.99. The disclosure for this sale can be found here. Insiders sold a total of 258,182 shares of company stock valued at $74,850,597 in the last quarter. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PANW. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 price objective on shares of Palo Alto Networks in a research report on Friday. DA Davidson began coverage on shares of Palo Alto Networks in a research report on Friday. They set a “buy” rating and a $380.00 price objective for the company. Royal Bank of Canada cut their price objective on shares of Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating for the company in a research report on Tuesday, May 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $330.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, March 13th. Finally, Oppenheimer reissued an “outperform” rating and issued a $330.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Twelve equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $324.17.

Get Our Latest Stock Analysis on Palo Alto Networks

Palo Alto Networks Company Profile

(Free Report)

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

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