Castle Rock Wealth Management LLC boosted its holdings in shares of Palo Alto Networks Inc (NYSE:PANW) by 15.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,307 shares of the network technology company’s stock after buying an additional 302 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Palo Alto Networks were worth $471,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of PANW. BlackRock Inc. increased its stake in Palo Alto Networks by 4.3% in the first quarter. BlackRock Inc. now owns 5,453,457 shares of the network technology company’s stock valued at $1,324,534,000 after purchasing an additional 224,298 shares during the last quarter. Clearbridge Investments LLC increased its holdings in Palo Alto Networks by 2.9% during the 1st quarter. Clearbridge Investments LLC now owns 2,734,047 shares of the network technology company’s stock valued at $664,045,000 after purchasing an additional 77,503 shares in the last quarter. Northern Trust Corp increased its holdings in Palo Alto Networks by 1.8% during the 1st quarter. Northern Trust Corp now owns 1,155,831 shares of the network technology company’s stock valued at $280,728,000 after purchasing an additional 20,433 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Palo Alto Networks by 6.2% during the 2nd quarter. Wells Fargo & Company MN now owns 1,044,151 shares of the network technology company’s stock valued at $212,757,000 after purchasing an additional 60,891 shares in the last quarter. Finally, Pictet Asset Management Ltd. increased its holdings in Palo Alto Networks by 11.6% during the 1st quarter. Pictet Asset Management Ltd. now owns 999,285 shares of the network technology company’s stock valued at $242,706,000 after purchasing an additional 104,207 shares in the last quarter. 79.57% of the stock is currently owned by institutional investors.
Shares of Palo Alto Networks stock traded down $0.73 during mid-day trading on Friday, hitting $208.51. 6,691 shares of the stock were exchanged, compared to its average volume of 1,930,395. The company has a 50-day simple moving average of $212.09 and a 200 day simple moving average of $223.04. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.86 and a current ratio of 1.78. Palo Alto Networks Inc has a 12 month low of $160.08 and a 12 month high of $260.63. The company has a market capitalization of $20.06 billion, a P/E ratio of 329.08, a P/E/G ratio of 18.95 and a beta of 0.94.
Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Wednesday, September 4th. The network technology company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.08). Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The company had revenue of $805.80 million for the quarter, compared to analysts’ expectations of $803.56 million. During the same quarter in the previous year, the business earned $1.28 EPS. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. Analysts predict that Palo Alto Networks Inc will post 0.47 EPS for the current year.
PANW has been the subject of several research reports. Mizuho lowered their target price on Palo Alto Networks from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Evercore ISI restated a “buy” rating and issued a $290.00 price objective on shares of Palo Alto Networks in a report on Sunday, June 2nd. ValuEngine upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a report on Tuesday. Wedbush restated a “buy” rating and issued a $275.00 price objective on shares of Palo Alto Networks in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $261.23.
In other news, CFO Kathleen Bonanno sold 1,609 shares of Palo Alto Networks stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $224.00, for a total transaction of $360,416.00. Following the completion of the sale, the chief financial officer now directly owns 28,572 shares of the company’s stock, valued at approximately $6,400,128. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 4,000 shares of Palo Alto Networks stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $217.33, for a total transaction of $869,320.00. Following the sale, the executive vice president now directly owns 282,222 shares of the company’s stock, valued at $61,335,307.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,220 shares of company stock valued at $25,827,116. 3.10% of the stock is currently owned by company insiders.
About Palo Alto Networks
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.
Recommended Story: Why Invest in Dividend Achievers?
Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.