Pictet Asset Management Ltd. reduced its position in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 6.3% during the second quarter, Holdings Channel reports. The firm owned 517,700 shares of the network technology company’s stock after selling 35,100 shares during the period. Pictet Asset Management Ltd.’s holdings in Palo Alto Networks were worth $61,394,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. TD Asset Management Inc. boosted its stake in Palo Alto Networks by 980.3% in the second quarter. TD Asset Management Inc. now owns 58,951 shares of the network technology company’s stock worth $7,888,000 after buying an additional 53,494 shares during the period. Endurance Wealth Management Inc. boosted its stake in Palo Alto Networks by 0.3% in the second quarter. Endurance Wealth Management Inc. now owns 3,610 shares of the network technology company’s stock worth $483,000 after buying an additional 11 shares during the period. Nine Chapters Capital Management LLC acquired a new stake in Palo Alto Networks during the second quarter worth about $294,000. Korea Investment CORP boosted its stake in Palo Alto Networks by 8.2% in the second quarter. Korea Investment CORP now owns 44,586 shares of the network technology company’s stock worth $5,966,000 after buying an additional 3,390 shares during the period. Finally, Candriam Luxembourg S.C.A. boosted its stake in Palo Alto Networks by 18.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 39,394 shares of the network technology company’s stock worth $5,272,000 after buying an additional 6,188 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Shares of Palo Alto Networks, Inc. (PANW) opened at 130.98 on Tuesday. The firm’s market cap is $12.03 billion. The firm’s 50-day moving average price is $136.07 and its 200 day moving average price is $128.68. Palo Alto Networks, Inc. has a one year low of $107.31 and a one year high of $165.69.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Wednesday, May 31st. The network technology company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06. Palo Alto Networks had a negative return on equity of 23.77% and a negative net margin of 14.38%. The firm had revenue of $431.80 million for the quarter, compared to analysts’ expectations of $412.11 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. Analysts predict that Palo Alto Networks, Inc. will post $2.59 EPS for the current year.

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A number of research firms have issued reports on PANW. BidaskClub cut shares of Palo Alto Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Vetr upgraded shares of Palo Alto Networks from a “hold” rating to a “buy” rating and set a $138.40 price objective for the company in a research note on Monday, July 31st. Citigroup Inc. upgraded shares of Palo Alto Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $147.00 to $160.00 in a research note on Friday, July 7th. Northland Securities initiated coverage on shares of Palo Alto Networks in a research note on Thursday, June 29th. They issued an “outperform” rating and a $175.00 price objective for the company. Finally, ValuEngine upgraded shares of Palo Alto Networks from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $150.94.

In related news, Director James J. Goetz sold 30,000 shares of the stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $137.97, for a total transaction of $4,139,100.00. Following the sale, the director now owns 271,645 shares of the company’s stock, valued at approximately $37,478,860.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.80% of the stock is owned by corporate insiders.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.

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

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