Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Bought by State of Tennessee Treasury Department

State of Tennessee Treasury Department raised its holdings in Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 17.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,903 shares of the network technology company’s stock after buying an additional 21,282 shares during the period. State of Tennessee Treasury Department’s holdings in Palo Alto Networks were worth $42,434,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Palo Alto Networks during the fourth quarter worth about $1,563,020,000. International Assets Investment Management LLC grew its holdings in shares of Palo Alto Networks by 29,086.9% during the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock worth $606,854,000 after buying an additional 2,050,917 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Palo Alto Networks by 83.1% during the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after buying an additional 1,187,915 shares during the last quarter. Axiom Investors LLC DE grew its holdings in shares of Palo Alto Networks by 359.3% during the fourth quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock worth $282,406,000 after buying an additional 749,199 shares during the last quarter. Finally, Mirova US LLC purchased a new position in shares of Palo Alto Networks during the fourth quarter worth about $106,638,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,621 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the transaction, the president now owns 20,501 shares in the company, valued at $6,292,166.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $293.31, for a total value of $10,559,160.00. Following the transaction, the executive vice president now owns 1,259,567 shares in the company, valued at $369,443,596.77. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the transaction, the president now owns 20,501 shares in the company, valued at approximately $6,292,166.92. The disclosure for this sale can be found here. Insiders have sold 254,897 shares of company stock worth $73,850,007 over the last quarter. 3.30% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Performance

Shares of NASDAQ:PANW traded up $2.74 during trading hours on Monday, hitting $304.64. The stock had a trading volume of 988,079 shares, compared to its average volume of 5,005,441. The stock’s fifty day simple moving average is $293.53 and its 200 day simple moving average is $303.77. Palo Alto Networks, Inc. has a 1-year low of $201.17 and a 1-year high of $380.84. The firm has a market capitalization of $98.64 billion, a price-to-earnings ratio of 44.30, a PEG ratio of 4.65 and a beta of 1.11.

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

Analyst Upgrades and Downgrades

PANW has been the topic of a number of research reports. Wedbush reissued an “outperform” rating and set a $375.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 21st. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 21st. BMO Capital Markets lifted their price objective on Palo Alto Networks from $327.00 to $334.00 and gave the company an “outperform” rating in a report on Tuesday, May 21st. KeyCorp lifted their price objective on Palo Alto Networks from $355.00 to $384.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Twelve research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $322.78.

View Our Latest Analysis on PANW

About Palo Alto Networks

(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.

See Also

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

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