Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Bought by Abbrea Capital LLC

Abbrea Capital LLC raised its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 11.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 938 shares of the network technology company’s stock after acquiring an additional 97 shares during the quarter. Abbrea Capital LLC’s holdings in Palo Alto Networks were worth $318,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in Palo Alto Networks during the 1st quarter valued at about $25,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Palo Alto Networks in the fourth quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after purchasing an additional 96 shares during the last quarter. Ulland Investment Advisors LLC purchased a new position in Palo Alto Networks during the first quarter worth approximately $30,000. Finally, ICA Group Wealth Management LLC acquired a new position in Palo Alto Networks during the fourth quarter worth $31,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Daiwa Capital Markets began coverage on Palo Alto Networks in a report on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price target on the stock. Macquarie boosted their target price on shares of Palo Alto Networks from $270.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, May 21st. Royal Bank of Canada increased their price target on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Needham & Company LLC lifted their price target on shares of Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Bank of America increased their price objective on Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $366.08.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at $47,055,533.37. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the sale, the chief accounting officer now owns 24,982 shares in the company, valued at approximately $8,443,916. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. The disclosure for this sale can be found here. In the last quarter, insiders sold 464,075 shares of company stock worth $154,029,567. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

NASDAQ:PANW opened at $346.90 on Friday. Palo Alto Networks, Inc. has a 12 month low of $224.64 and a 12 month high of $380.84. The firm has a market capitalization of $112.95 billion, a PE ratio of 50.42, a price-to-earnings-growth ratio of 4.98 and a beta of 1.13. The business’s fifty day moving average price is $336.21 and its 200 day moving average price is $312.18.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 EPS. As a group, equities analysts anticipate that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Palo Alto Networks Company Profile

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.