Draper Asset Management LLC Has $529,000 Stock Holdings in Palo Alto Networks, Inc. (NYSE:PANW)

Draper Asset Management LLC cut its position in Palo Alto Networks, Inc. (NYSE:PANW) by 44.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,427 shares of the network technology company’s stock after selling 1,120 shares during the period. Palo Alto Networks comprises about 0.5% of Draper Asset Management LLC’s portfolio, making the stock its 21st largest position. Draper Asset Management LLC’s holdings in Palo Alto Networks were worth $529,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Viking Global Investors LP raised its holdings in shares of Palo Alto Networks by 32.9% during the first quarter. Viking Global Investors LP now owns 2,508,314 shares of the network technology company’s stock worth $807,828,000 after acquiring an additional 621,184 shares during the period. Northern Trust Corp raised its holdings in shares of Palo Alto Networks by 1.6% during the first quarter. Northern Trust Corp now owns 1,214,474 shares of the network technology company’s stock worth $391,133,000 after acquiring an additional 18,646 shares during the period. Altshuler Shaham Ltd raised its holdings in shares of Palo Alto Networks by 2.0% during the first quarter. Altshuler Shaham Ltd now owns 1,081,033 shares of the network technology company’s stock worth $348,157,000 after acquiring an additional 21,105 shares during the period. Geode Capital Management LLC raised its holdings in shares of Palo Alto Networks by 10.9% during the first quarter. Geode Capital Management LLC now owns 1,080,855 shares of the network technology company’s stock worth $347,587,000 after acquiring an additional 105,956 shares during the period. Finally, Champlain Investment Partners LLC grew its position in Palo Alto Networks by 14.8% in the first quarter. Champlain Investment Partners LLC now owns 746,260 shares of the network technology company’s stock valued at $240,340,000 after purchasing an additional 96,105 shares in the last quarter. Institutional investors own 82.39% of the company’s stock.

In related news, EVP Lee Klarich sold 3,431 shares of the company’s stock in a transaction that occurred on Thursday, July 8th. The shares were sold at an average price of $380.13, for a total transaction of $1,304,226.03. Following the completion of the transaction, the executive vice president now directly owns 273,934 shares in the company, valued at approximately $104,130,531.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, July 1st. The stock was sold at an average price of $369.01, for a total transaction of $4,428,120.00. The disclosure for this sale can be found here. Insiders sold a total of 50,184 shares of company stock valued at $20,813,424 over the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Palo Alto Networks stock traded down $6.92 during midday trading on Wednesday, hitting $477.91. The company’s stock had a trading volume of 22,689 shares, compared to its average volume of 1,155,013. Palo Alto Networks, Inc. has a 1-year low of $219.34 and a 1-year high of $495.92. The company has a debt-to-equity ratio of 2.63, a current ratio of 0.91 and a quick ratio of 1.38. The company has a 50-day moving average price of $411.18 and a two-hundred day moving average price of $371.94. The company has a market cap of $46.55 billion, a price-to-earnings ratio of -92.19 and a beta of 1.40.

Palo Alto Networks (NYSE:PANW) last issued its earnings results on Sunday, August 22nd. The network technology company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.44 by $0.16. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Palo Alto Networks had a negative net margin of 11.72% and a negative return on equity of 17.08%. The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 EPS. Sell-side analysts forecast that Palo Alto Networks, Inc. will post -0.47 EPS for the current year.

A number of research analysts recently weighed in on the stock. Royal Bank of Canada raised their target price on shares of Palo Alto Networks from $475.00 to $525.00 and gave the company an “outperform” rating in a research report on Friday, September 10th. Piper Sandler raised their target price on shares of Palo Alto Networks from $500.00 to $600.00 and gave the company an “overweight” rating in a research report on Tuesday. The Goldman Sachs Group raised their target price on shares of Palo Alto Networks from $515.00 to $535.00 and gave the company a “buy” rating in a research report on Monday. JMP Securities reaffirmed a “buy” rating and issued a $550.00 target price (up previously from $455.00) on shares of Palo Alto Networks in a research report on Tuesday. Finally, Jefferies Financial Group raised their target price on shares of Palo Alto Networks from $450.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $506.13.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: Americas; Europe, the Middle East, and Africa; and Asia Pacific and Japan. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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

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