Advisors Asset Management Inc. Has $15.53 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Advisors Asset Management Inc. cut its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 11.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,435 shares of the network technology company’s stock after selling 5,876 shares during the quarter. Advisors Asset Management Inc.’s holdings in Palo Alto Networks were worth $15,530,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. International Assets Investment Management LLC grew its stake in shares of Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after purchasing an additional 3,249,594 shares during the period. Legal & General Group Plc increased its stake in shares of Palo Alto Networks by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock valued at $1,099,564,000 after acquiring an additional 255,060 shares during the last quarter. Jennison Associates LLC raised its position in shares of Palo Alto Networks by 50.1% in the 3rd quarter. Jennison Associates LLC now owns 3,147,215 shares of the network technology company’s stock valued at $1,075,718,000 after acquiring an additional 1,050,173 shares during the period. Canada Pension Plan Investment Board boosted its stake in Palo Alto Networks by 5.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock worth $757,321,000 after acquiring an additional 114,742 shares during the last quarter. Finally, William Blair Investment Management LLC grew its holdings in Palo Alto Networks by 8.0% during the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock valued at $339,183,000 after purchasing an additional 73,922 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Stock Up 0.3 %

NASDAQ PANW opened at $388.06 on Wednesday. The firm has a 50-day moving average price of $361.53 and a two-hundred day moving average price of $338.02. Palo Alto Networks, Inc. has a 12-month low of $249.56 and a 12-month high of $408.53. The company has a market capitalization of $126.35 billion, a P/E ratio of 53.53, a P/E/G ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.16 billion. During the same quarter in the prior year, the business posted $0.80 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Insider Activity

In other news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $54,854,924.82. The trade was a 27.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This trade represents a 11.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 254,252 shares of company stock worth $89,041,637. 2.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PANW. Barclays lifted their price target on shares of Palo Alto Networks from $410.00 to $425.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. OTR Global reissued a “negative” rating on shares of Palo Alto Networks in a research note on Thursday, November 7th. DA Davidson raised their price target on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. KeyCorp boosted their price objective on Palo Alto Networks from $400.00 to $435.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, Evercore ISI raised their target price on shares of Palo Alto Networks from $395.00 to $455.00 and gave the stock an “outperform” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $391.92.

Palo Alto Networks Profile

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.