Palo Alto Networks, Inc. (NASDAQ:PANW) is Adell Harriman & Carpenter Inc.’s 8th Largest Position

Adell Harriman & Carpenter Inc. decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,225 shares of the network technology company’s stock after selling 732 shares during the period. Palo Alto Networks comprises approximately 2.7% of Adell Harriman & Carpenter Inc.’s holdings, making the stock its 8th largest position. Adell Harriman & Carpenter Inc.’s holdings in Palo Alto Networks were worth $36,650,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pathway Financial Advisers LLC bought a new stake in Palo Alto Networks during the 1st quarter valued at approximately $25,000. Capital Advisors Ltd. LLC increased its position in shares of Palo Alto Networks by 113.9% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock valued at $26,000 after purchasing an additional 41 shares during the last quarter. Sound Income Strategies LLC raised its holdings in Palo Alto Networks by 352.6% during the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock valued at $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL boosted its stake in Palo Alto Networks by 177.4% during the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 55 shares during the period. Finally, Cape Investment Advisory Inc. lifted its holdings in Palo Alto Networks by 1,111.1% during the 1st quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock valued at $31,000 after buying an additional 100 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palo Alto Networks

In related news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the sale, the chief accounting officer now owns 24,782 shares of the company’s stock, valued at $8,014,746.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Nikesh Arora sold 81,586 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the completion of the sale, the chief accounting officer now owns 24,782 shares in the company, valued at approximately $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 351,452 shares of company stock valued at $118,643,279. 3.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Evercore ISI increased their target price on Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a research report on Tuesday, August 20th. Barclays upped their target price on Palo Alto Networks from $370.00 to $410.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Westpark Capital restated a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on Palo Alto Networks from $340.00 to $365.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, Rosenblatt Securities upped their price objective on shares of Palo Alto Networks from $300.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, August 19th. Eleven research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $376.82.

Palo Alto Networks Stock Performance

Shares of PANW opened at $365.39 on Wednesday. The company’s 50-day simple moving average is $352.24 and its 200-day simple moving average is $327.94. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $384.00. The stock has a market capitalization of $118.97 billion, a PE ratio of 50.40, a P/E/G ratio of 5.31 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current year.

About Palo Alto Networks

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.