Pinnacle Associates Ltd. Has $6.36 Million Position in Palo Alto Networks Inc (NYSE:PANW)

Pinnacle Associates Ltd. reduced its holdings in shares of Palo Alto Networks Inc (NYSE:PANW) by 5.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 31,192 shares of the network technology company’s stock after selling 1,843 shares during the period. Pinnacle Associates Ltd.’s holdings in Palo Alto Networks were worth $6,356,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Alpha Omega Wealth Management LLC bought a new position in shares of Palo Alto Networks in the first quarter worth about $26,000. Manchester Capital Management LLC bought a new position in shares of Palo Alto Networks in the first quarter worth about $26,000. C J Advisory Inc bought a new position in shares of Palo Alto Networks in the first quarter worth about $30,000. Cable Hill Partners LLC raised its stake in shares of Palo Alto Networks by 226.1% in the first quarter. Cable Hill Partners LLC now owns 150 shares of the network technology company’s stock worth $37,000 after acquiring an additional 104 shares during the last quarter. Finally, Arrow Financial Corp bought a new position in shares of Palo Alto Networks in the first quarter worth about $40,000. Institutional investors and hedge funds own 79.97% of the company’s stock.

A number of brokerages have weighed in on PANW. Mizuho dropped their target price on shares of 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. JPMorgan Chase & Co. dropped their target price on shares of Palo Alto Networks from $293.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Bank of America reaffirmed a “buy” rating and issued a $275.00 target price (down from $307.00) on shares of Palo Alto Networks in a research note on Tuesday. ValuEngine downgraded shares of Palo Alto Networks from a “buy” rating to a “hold” rating in a research note on Saturday, June 22nd. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $275.00 target price on shares of Palo Alto Networks in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $263.38.



NYSE:PANW traded down $0.39 during mid-day trading on Tuesday, reaching $197.64. 19,727 shares of the company’s stock were exchanged, compared to its average volume of 1,071,376. Palo Alto Networks Inc has a one year low of $160.08 and a one year high of $260.63. The firm has a market capitalization of $19.12 billion, a PE ratio of -357.95, a price-to-earnings-growth ratio of 6.76 and a beta of 0.90. The business’s fifty day simple moving average is $216.77 and its two-hundred day simple moving average is $225.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.86 and a current ratio of 1.86.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Wednesday, May 29th. The network technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.06). The business had revenue of $726.60 million for the quarter, compared to the consensus estimate of $704.89 million. Palo Alto Networks had a positive return on equity of 5.42% and a negative net margin of 2.30%. Palo Alto Networks’s revenue was up 28.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.99 earnings per share. As a group, equities research analysts forecast that Palo Alto Networks Inc will post 0.87 EPS for the current year.

In other Palo Alto Networks news, CFO Kathleen Bonanno sold 1,609 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $224.00, for a total transaction of $360,416.00. Following the sale, the chief financial officer now directly owns 28,572 shares in the company, valued at $6,400,128. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mark D. Mclaughlin sold 40,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $227.43, for a total transaction of $9,097,200.00. Following the sale, the director now owns 240,236 shares in the company, valued at $54,636,873.48. The disclosure for this sale can be found here. Insiders have sold 186,092 shares of company stock worth $39,067,840 over the last quarter. Corporate insiders own 3.10% of the company’s stock.

Palo Alto Networks Company Profile

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.

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

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