New Jersey Better Educational Savings Trust cut its stake in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 37.5% during the second quarter, Holdings Channel reports. The institutional investor owned 2,000 shares of the network technology company’s stock after selling 1,200 shares during the period. New Jersey Better Educational Savings Trust’s holdings in Palo Alto Networks were worth $268,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in PANW. Vanguard Group Inc. increased its stake in shares of Palo Alto Networks by 3.9% in the first quarter. Vanguard Group Inc. now owns 7,007,233 shares of the network technology company’s stock valued at $789,575,000 after buying an additional 263,433 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Palo Alto Networks by 16.7% in the first quarter. Renaissance Technologies LLC now owns 2,152,800 shares of the network technology company’s stock valued at $242,578,000 after buying an additional 307,800 shares in the last quarter. Clearbridge Investments LLC increased its stake in shares of Palo Alto Networks by 11.3% in the first quarter. Clearbridge Investments LLC now owns 1,888,116 shares of the network technology company’s stock valued at $212,753,000 after buying an additional 191,475 shares in the last quarter. CI Global Investments Inc. increased its stake in shares of Palo Alto Networks by 17.4% in the first quarter. CI Global Investments Inc. now owns 1,580,240 shares of the network technology company’s stock valued at $178,061,000 after buying an additional 234,623 shares in the last quarter. Finally, Harbour Capital Advisors LLC increased its stake in shares of Palo Alto Networks by 13,115.1% in the second quarter. Harbour Capital Advisors LLC now owns 1,172,176 shares of the network technology company’s stock valued at $8,760,000 after buying an additional 1,163,306 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Palo Alto Networks, Inc. (PANW) opened at 128.84 on Friday. The stock has a 50 day moving average of $135.30 and a 200 day moving average of $128.34. Palo Alto Networks, Inc. has a one year low of $107.31 and a one year high of $165.69. The company’s market cap is $11.83 billion.

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

COPYRIGHT VIOLATION WARNING: This story was first published by Daily Political and is the sole property of of Daily Political. If you are viewing this story on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.dailypolitical.com/2017/08/12/new-jersey-better-educational-savings-trust-has-268000-position-in-palo-alto-networks-inc-nysepanw.html.

PANW has been the subject of several analyst reports. Vetr downgraded shares of Palo Alto Networks from a “strong-buy” rating to a “hold” rating and set a $137.50 target price for the company. in a report on Thursday, June 1st. BMO Capital Markets reduced their price target on shares of Palo Alto Networks from $132.00 to $126.00 and set an “outperform” rating for the company in a research report on Friday, April 21st. BidaskClub lowered shares of Palo Alto Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. BTIG Research restated a “buy” rating and set a $155.00 price target on shares of Palo Alto Networks in a research report on Thursday, June 1st. Finally, Cowen and Company restated an “outperform” rating and set a $165.00 price target (up previously from $150.00) on shares of Palo Alto Networks in a research report on Thursday, June 1st. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twenty-seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $150.94.

In other news, Director James J. Goetz sold 30,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now directly owns 271,645 shares of the company’s stock, valued at approximately $37,478,860.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.80% of the stock is owned by corporate insiders.

Palo Alto Networks Company 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.

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NYSE:PANW).

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

Receive News & Ratings for Palo Alto Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.