Pier 88 Investment Partners LLC lowered its stake in Palo Alto Networks, Inc. (NYSE:PANW) by 36.1% during the second quarter, Holdings Channel reports. The fund owned 1,523 shares of the network technology company’s stock after selling 860 shares during the period. Pier 88 Investment Partners LLC’s holdings in Palo Alto Networks were worth $204,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PANW. Dimensional Fund Advisors LP boosted its stake in shares of Palo Alto Networks by 6.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 83,110 shares of the network technology company’s stock worth $10,393,000 after buying an additional 4,974 shares in the last quarter. Federated Investors Inc. PA boosted its stake in shares of Palo Alto Networks by 17,650.0% in the fourth quarter. Federated Investors Inc. PA now owns 7,100 shares of the network technology company’s stock worth $888,000 after buying an additional 7,060 shares in the last quarter. Guggenheim Capital LLC boosted its stake in shares of Palo Alto Networks by 3.0% in the fourth quarter. Guggenheim Capital LLC now owns 22,566 shares of the network technology company’s stock worth $2,822,000 after buying an additional 662 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Palo Alto Networks by 35.6% in the fourth quarter. AQR Capital Management LLC now owns 27,647 shares of the network technology company’s stock worth $3,457,000 after buying an additional 7,252 shares in the last quarter. Finally, RMB Capital Management LLC purchased a new stake in shares of Palo Alto Networks during the fourth quarter worth approximately $375,000. Institutional investors and hedge funds own 80.50% of the company’s stock.

Palo Alto Networks, Inc. (NYSE:PANW) traded down 0.22% during midday trading on Monday, reaching $138.66. 1,013,418 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $128.32 and its 200-day moving average price is $127.52. The stock’s market cap is $12.73 billion. Palo Alto Networks, Inc. has a one year low of $107.31 and a one year high of $165.69.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Wednesday, May 31st. The network technology company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.06. Palo Alto Networks had a negative return on equity of 23.77% and a negative net margin of 14.38%. The business had revenue of $431.80 million for the quarter, compared to analysts’ expectations of $412.11 million. During the same period last year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts predict that Palo Alto Networks, Inc. will post $2.59 earnings per share for the current year.

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A number of brokerages have commented on PANW. Piper Jaffray Companies set a $156.00 price target on shares of Palo Alto Networks and gave the company a “buy” rating in a research note on Thursday, June 1st. Cowen and Company reiterated an “outperform” rating and issued a $150.00 price target on shares of Palo Alto Networks in a research note on Thursday, May 25th. FBN Securities cut shares of Palo Alto Networks from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $135.00 to $115.00 in a research note on Monday, April 17th. Vetr raised shares of Palo Alto Networks from a “hold” rating to a “buy” rating and set a $140.90 price objective on the stock in a research report on Monday, July 3rd. Finally, Barclays PLC reissued an “overweight” rating and issued a $158.00 price objective (up from $145.00) on shares of Palo Alto Networks in a research report on Thursday, June 1st. Twenty-one research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $151.00.

In other news, Director James J. Goetz sold 30,000 shares of Palo Alto Networks stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $137.97, for a total transaction of $4,139,100.00. Following the transaction, the director now directly owns 271,645 shares of the company’s stock, valued at approximately $37,478,860.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.80% of the stock is owned by insiders.

About Palo Alto Networks

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

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