Harbor Capital Advisors Inc. Has $1.88 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Harbor Capital Advisors Inc. raised its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 6.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,358 shares of the network technology company’s stock after buying an additional 414 shares during the period. Harbor Capital Advisors Inc.’s holdings in Palo Alto Networks were worth $1,880,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Ferguson Wellman Capital Management Inc. lifted its stake in Palo Alto Networks by 2.2% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 153,831 shares of the network technology company’s stock valued at $39,305,000 after buying an additional 3,375 shares during the period. Capital Investment Advisors LLC raised its position in shares of Palo Alto Networks by 2.9% during the second quarter. Capital Investment Advisors LLC now owns 1,438 shares of the network technology company’s stock worth $367,000 after purchasing an additional 41 shares during the period. CRA Financial Services LLC raised its position in shares of Palo Alto Networks by 7.4% during the second quarter. CRA Financial Services LLC now owns 2,900 shares of the network technology company’s stock worth $741,000 after purchasing an additional 200 shares during the period. Brookstone Capital Management raised its position in shares of Palo Alto Networks by 4.0% during the second quarter. Brookstone Capital Management now owns 1,228 shares of the network technology company’s stock worth $304,000 after purchasing an additional 47 shares during the period. Finally, Castle Rock Wealth Management LLC raised its position in shares of Palo Alto Networks by 6.6% during the second quarter. Castle Rock Wealth Management LLC now owns 5,592 shares of the network technology company’s stock worth $1,442,000 after purchasing an additional 348 shares during the period. Institutional investors and hedge funds own 85.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PANW. JPMorgan Chase & Co. raised their price target on Palo Alto Networks from $251.00 to $268.00 and gave the stock an “overweight” rating in a research report on Monday, August 21st. 58.com reaffirmed a “maintains” rating on shares of Palo Alto Networks in a research report on Thursday, June 8th. Scotiabank raised their price target on Palo Alto Networks from $269.00 to $285.00 in a research report on Friday, June 30th. Wells Fargo & Company increased their price objective on Palo Alto Networks from $265.00 to $270.00 and gave the stock an “overweight” rating in a report on Monday, August 21st. Finally, Rosenblatt Securities increased their price objective on Palo Alto Networks from $250.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, August 21st. Four investment analysts have rated the stock with a hold rating and thirty-nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $264.71.

Insider Transactions at Palo Alto Networks

In other news, Director Aparna Bawa sold 554 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $245.59, for a total transaction of $136,056.86. Following the completion of the transaction, the director now owns 2,690 shares of the company’s stock, valued at approximately $660,637.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, President William D. Jenkins, Jr. sold 2,040 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $245.01, for a total transaction of $499,820.40. Following the completion of the transaction, the president now owns 37,352 shares of the company’s stock, valued at approximately $9,151,613.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Aparna Bawa sold 554 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $245.59, for a total value of $136,056.86. Following the sale, the director now owns 2,690 shares in the company, valued at approximately $660,637.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,140 shares of company stock valued at $40,276,328. Corporate insiders own 3.90% of the company’s stock.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $239.40 on Monday. The stock has a market capitalization of $73.88 billion, a PE ratio of 190.63, a P/E/G ratio of 3.52 and a beta of 1.19. The business has a fifty day moving average price of $236.34 and a two-hundred day moving average price of $217.65. Palo Alto Networks, Inc. has a fifty-two week low of $132.22 and a fifty-two week high of $258.88.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Friday, August 18th. The network technology company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.15. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.96 billion. Palo Alto Networks had a return on equity of 51.13% and a net margin of 6.38%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. On average, equities analysts expect that Palo Alto Networks, Inc. will post 2.51 EPS for the current year.

Palo Alto Networks 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.