Millennium Management LLC Lowers Stake in Palo Alto Networks Inc (PANW)
Millennium Management LLC cut its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 9.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 608,454 shares of the network technology company’s stock after selling 64,282 shares during the period. Millennium Management LLC’s holdings in Palo Alto Networks were worth $114,602,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bruderman Asset Management LLC purchased a new stake in Palo Alto Networks during the 4th quarter worth $38,000. Karp Capital Management Corp purchased a new position in Palo Alto Networks in the 4th quarter valued at about $40,000. Financial Advocates Investment Management boosted its position in Palo Alto Networks by 65.2% in the 4th quarter. Financial Advocates Investment Management now owns 114 shares of the network technology company’s stock valued at $43,000 after buying an additional 45 shares during the last quarter. Captrust Financial Advisors boosted its position in Palo Alto Networks by 278.8% in the 4th quarter. Captrust Financial Advisors now owns 250 shares of the network technology company’s stock valued at $47,000 after buying an additional 184 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in Palo Alto Networks by 26.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 262 shares of the network technology company’s stock valued at $49,000 after buying an additional 55 shares during the last quarter. 80.69% of the stock is owned by institutional investors.
In related news, EVP Lee Klarich sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, January 10th. The shares were sold at an average price of $191.53, for a total value of $861,885.00. Following the completion of the sale, the executive vice president now owns 325,683 shares in the company, valued at approximately $62,378,064.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were sold at an average price of $184.49, for a total transaction of $5,534,700.00. The disclosure for this sale can be found here. Insiders have sold 210,652 shares of company stock valued at $45,891,526 over the last 90 days. 3.10% of the stock is currently owned by insiders.
Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings data on Tuesday, February 26th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.29. The business had revenue of $711.00 million during the quarter, compared to analysts’ expectations of $682.32 million. Palo Alto Networks had a negative net margin of 3.47% and a positive return on equity of 4.69%. The business’s revenue was up 30.3% on a year-over-year basis. During the same period last year, the firm posted $0.97 earnings per share. On average, analysts forecast that Palo Alto Networks Inc will post 0.89 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $296.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 27th. First Analysis upgraded shares of Palo Alto Networks from an “outperform” rating to a “strong-buy” rating and set a $177.00 target price on the stock in a research note on Sunday, December 9th. ValuEngine upgraded shares of Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 4th. Morgan Stanley upped their target price on shares of Palo Alto Networks from $266.00 to $290.00 and gave the company an “overweight” rating in a research note on Wednesday, February 27th. Finally, Wedbush upgraded shares of Palo Alto Networks from a “neutral” rating to an “outperform” rating and upped their target price for the company from $225.00 to $265.00 in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company’s stock. Palo Alto Networks presently has a consensus rating of “Buy” and a consensus target price of $267.37.
Palo Alto Networks Profile
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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