Elo Mutual Pension Insurance Co Buys 837 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Elo Mutual Pension Insurance Co lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 29,647 shares of the network technology company’s stock after acquiring an additional 837 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Palo Alto Networks were worth $10,065,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sunbelt Securities Inc. grew its position in Palo Alto Networks by 91.0% in the 1st quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock worth $478,000 after purchasing an additional 802 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after acquiring an additional 198,078 shares in the last quarter. Brookstone Capital Management grew its holdings in shares of Palo Alto Networks by 48.4% in the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock valued at $7,502,000 after acquiring an additional 8,611 shares in the last quarter. Wealthspire Advisors LLC increased its position in shares of Palo Alto Networks by 1.7% during the first quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock valued at $1,244,000 after acquiring an additional 75 shares during the last quarter. Finally, Connectus Wealth LLC lifted its holdings in Palo Alto Networks by 22.8% during the fourth quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock worth $12,920,000 after acquiring an additional 8,132 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the completion of the sale, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Palo Alto Networks news, CEO Nikesh Arora sold 66,668 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $336.54, for a total transaction of $22,436,448.72. Following the completion of the sale, the chief executive officer now owns 694,228 shares of the company’s stock, valued at $233,635,491.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the sale, the chief accounting officer now directly owns 24,982 shares of the company’s stock, valued at approximately $8,443,916. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock valued at $154,029,567 over the last 90 days. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock opened at $337.93 on Wednesday. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84. The firm has a market cap of $110.03 billion, a PE ratio of 49.12, a PEG ratio of 5.03 and a beta of 1.13. The company has a 50 day simple moving average of $336.41 and a two-hundred day simple moving average of $312.63.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.80 earnings per share. As a group, research analysts anticipate that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current year.

Analysts Set New Price Targets

PANW has been the subject of a number of recent analyst reports. Barclays upped their price objective on Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Citigroup raised their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Macquarie lifted their price objective on shares of Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Wells Fargo & Company increased their target price on shares of Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $366.08.

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.