Sonen Capital LLC Cuts Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Sonen Capital LLC reduced its stake in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) by 74.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 577 shares of the network technology company’s stock after selling 1,700 shares during the period. Sonen Capital LLC’s holdings in Palo Alto Networks were worth $359,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PANW. Nuveen Asset Management LLC lifted its holdings in shares of Palo Alto Networks by 317.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,237,932 shares of the network technology company’s stock valued at $689,231,000 after purchasing an additional 941,271 shares in the last quarter. Norges Bank bought a new position in Palo Alto Networks in the fourth quarter valued at about $522,352,000. Marshall Wace LLP lifted its holdings in Palo Alto Networks by 424.0% in the fourth quarter. Marshall Wace LLP now owns 292,227 shares of the network technology company’s stock valued at $162,701,000 after acquiring an additional 236,461 shares during the period. TimesSquare Capital Management LLC bought a new position in Palo Alto Networks in the fourth quarter valued at about $131,173,000. Finally, ProShare Advisors LLC lifted its holdings in Palo Alto Networks by 3,221.1% in the fourth quarter. ProShare Advisors LLC now owns 170,372 shares of the network technology company’s stock valued at $94,856,000 after acquiring an additional 165,242 shares during the period. 84.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PANW. Raymond James reissued a “buy” rating and issued a $610.00 target price on shares of Palo Alto Networks in a report on Friday, May 20th. UBS Group raised their price objective on Palo Alto Networks to $545.00 in a research note on Friday, May 20th. Wells Fargo & Company reaffirmed a “buy” rating and issued a $700.00 price objective on shares of Palo Alto Networks in a research note on Friday, May 20th. Wedbush decreased their price objective on Palo Alto Networks from $660.00 to $580.00 and set an “outperform” rating on the stock in a research note on Friday, May 20th. Finally, BTIG Research raised their price objective on Palo Alto Networks from $610.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday, April 8th. Three investment analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $630.88.

Palo Alto Networks Price Performance

PANW traded down $0.33 on Friday, hitting $501.37. 1,685,690 shares of the company’s stock were exchanged, compared to its average volume of 1,250,289. The stock has a fifty day moving average of $502.07 and a two-hundred day moving average of $530.35. Palo Alto Networks, Inc. has a twelve month low of $358.37 and a twelve month high of $640.90.

Palo Alto Networks (NASDAQ:PANWGet Rating) last released its earnings results on Thursday, May 19th. The network technology company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.21). Palo Alto Networks had a negative return on equity of 57.50% and a negative net margin of 7.54%. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the previous year, the company earned ($0.62) EPS. The firm’s quarterly revenue was up 29.1% compared to the same quarter last year. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post -0.73 earnings per share for the current year.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 4,807 shares of the firm’s stock in a transaction on Friday, June 10th. The shares were sold at an average price of $81,700.59, for a total value of $392,734,736.13. Following the sale, the executive vice president now directly owns 247,744 shares in the company, valued at approximately $20,240,830,968.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Lee Klarich sold 4,807 shares of the firm’s stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $81,700.59, for a total transaction of $392,734,736.13. Following the completion of the transaction, the executive vice president now directly owns 247,744 shares of the company’s stock, valued at approximately $20,240,830,968.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $500.58, for a total transaction of $6,006,960.00. Following the transaction, the executive vice president now directly owns 671,812 shares of the company’s stock, valued at $336,295,650.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,170 shares of company stock worth $418,628,327. 2.20% of the stock is owned by insiders.

Palo Alto Networks Profile

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Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, 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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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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