SFE Investment Counsel Cuts Stake in Palo Alto Networks, Inc. (NYSE:PANW)

SFE Investment Counsel lessened its position in Palo Alto Networks, Inc. (NYSE:PANW) by 1.1% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 22,148 shares of the network technology company’s stock after selling 252 shares during the period. Palo Alto Networks makes up about 2.3% of SFE Investment Counsel’s holdings, making the stock its 10th largest position. SFE Investment Counsel’s holdings in Palo Alto Networks were worth $8,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Palo Alto Networks by 3.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 117,418 shares of the network technology company’s stock valued at $41,730,000 after purchasing an additional 3,716 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Palo Alto Networks by 15.9% in the 1st quarter. Commonwealth Equity Services LLC now owns 32,660 shares of the network technology company’s stock valued at $10,518,000 after buying an additional 4,470 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Palo Alto Networks by 5.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 86,038 shares of the network technology company’s stock worth $27,709,000 after buying an additional 4,697 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Palo Alto Networks by 10.7% in the 1st quarter. IFM Investors Pty Ltd now owns 10,342 shares of the network technology company’s stock worth $3,331,000 after buying an additional 1,002 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its holdings in shares of Palo Alto Networks by 74.3% in the first quarter. Cullen Frost Bankers Inc. now owns 366 shares of the network technology company’s stock valued at $118,000 after acquiring an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

PANW stock traded down $8.86 during midday trading on Wednesday, hitting $475.97. The company had a trading volume of 17,123 shares, compared to its average volume of 1,155,013. The stock has a market cap of $46.36 billion, a price-to-earnings ratio of -93.60 and a beta of 1.40. Palo Alto Networks, Inc. has a 52 week low of $219.34 and a 52 week high of $495.92. The company has a current ratio of 0.91, a quick ratio of 1.38 and a debt-to-equity ratio of 2.63. The stock’s 50 day moving average price is $411.18 and its 200 day moving average price is $371.94.

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

In related news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 6,870 shares of Palo Alto Networks stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $462.48, for a total value of $3,177,237.60. Following the completion of the sale, the executive vice president now directly owns 265,453 shares of the company’s stock, valued at approximately $122,766,703.44. The disclosure for this sale can be found here. Insiders have sold a total of 50,184 shares of company stock worth $20,813,424 in the last quarter. Company insiders own 2.30% of the company’s stock.

PANW has been the subject of several research reports. Barclays increased their price target on shares of Palo Alto Networks from $535.00 to $615.00 and gave the company an “overweight” rating in a research report on Tuesday. UBS Group raised their price target on shares of Palo Alto Networks from $400.00 to $420.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 24th. Oppenheimer upped their price objective on Palo Alto Networks from $475.00 to $530.00 and gave the company an “outperform” rating in a research note on Tuesday. Credit Suisse Group increased their price objective on Palo Alto Networks from $425.00 to $463.00 and gave the company an “outperform” rating in a report on Tuesday, August 24th. Finally, BMO Capital Markets boosted their target price on Palo Alto Networks from $480.00 to $525.00 and gave the company an “outperform” rating in a research note on Friday, September 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-nine have issued a buy rating to the company. According to MarketBeat.com, the company 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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