The Manufacturers Life Insurance Company increased its holdings in Palo Alto Networks Inc (NYSE:PANW) by 177.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,771 shares of the network technology company’s stock after buying an additional 6,249 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Palo Alto Networks were worth $1,416,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. First Trust Advisors LP boosted its holdings in Palo Alto Networks by 17.7% in the 4th quarter. First Trust Advisors LP now owns 240,560 shares of the network technology company’s stock valued at $34,867,000 after purchasing an additional 36,258 shares during the period. ACG Wealth bought a new position in Palo Alto Networks in the 4th quarter valued at $226,000. BBT Capital Management LLC bought a new position in Palo Alto Networks in the 4th quarter valued at $2,450,000. Mckinley Capital Management LLC Delaware bought a new position in Palo Alto Networks in the 4th quarter valued at $14,026,000. Finally, Trust Co. of Toledo NA OH bought a new position in Palo Alto Networks in the 4th quarter valued at $717,000. 82.12% of the stock is owned by institutional investors.
In other Palo Alto Networks news, Director Stanley J. Meresman sold 2,000 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $159.00, for a total value of $318,000.00. Following the transaction, the director now owns 13,834 shares in the company, valued at $2,199,606. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nir Zuk sold 28,000 shares of the business’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $148.08, for a total transaction of $4,146,240.00. Following the completion of the transaction, the executive vice president now owns 1,467,309 shares in the company, valued at approximately $217,279,116.72. The disclosure for this sale can be found here. Insiders sold 397,980 shares of company stock worth $62,407,135 in the last 90 days. Corporate insiders own 4.80% of the company’s stock.
PANW has been the subject of several analyst reports. BTIG Research raised their price target on shares of Palo Alto Networks from $175.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, February 27th. Cleveland Research raised shares of Palo Alto Networks from a “neutral” rating to a “buy” rating in a report on Thursday, February 22nd. BMO Capital Markets raised their price target on shares of Palo Alto Networks from $160.00 to $170.00 and gave the company a “market perform” rating in a report on Tuesday, November 21st. Deutsche Bank raised shares of Palo Alto Networks from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a report on Tuesday, January 23rd. Finally, Jefferies Group reissued a “buy” rating and issued a $206.00 price target on shares of Palo Alto Networks in a report on Tuesday, February 27th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and thirty-eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $181.38.
Palo Alto Networks Inc (PANW) opened at $187.46 on Friday. Palo Alto Networks Inc has a 52-week low of $107.31 and a 52-week high of $191.53.
Palo Alto Networks (NYSE:PANW) last released its quarterly earnings data on Monday, February 26th. The network technology company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.19). Palo Alto Networks had a negative net margin of 9.96% and a negative return on equity of 14.74%. The firm had revenue of $542.40 million during the quarter, compared to analysts’ expectations of $525.37 million. equities research analysts predict that Palo Alto Networks Inc will post -0.37 earnings per share for the current fiscal year.
Palo Alto Networks 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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