CIBC World Markets Inc. Acquires 2,852 Shares of Palo Alto Networks, Inc. (PANW)
CIBC World Markets Inc. grew its holdings in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 26.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 13,549 shares of the network technology company’s stock after purchasing an additional 2,852 shares during the period. CIBC World Markets Inc.’s holdings in Palo Alto Networks were worth $1,813,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Engineers Gate Manager LP lifted its holdings in shares of Palo Alto Networks by 412.5% during the second quarter. Engineers Gate Manager LP now owns 19,988 shares of the network technology company’s stock valued at $2,675,000 after purchasing an additional 16,088 shares during the last quarter. Fiduciary Trust Co. purchased a new position in shares of Palo Alto Networks during the second quarter valued at approximately $320,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Palo Alto Networks during the second quarter valued at approximately $1,282,000. Timber Hill LLC lifted its holdings in shares of Palo Alto Networks by 114.3% during the second quarter. Timber Hill LLC now owns 2,387 shares of the network technology company’s stock valued at $319,000 after purchasing an additional 19,078 shares during the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of Palo Alto Networks by 17.3% during the second quarter. Synovus Financial Corp now owns 14,361 shares of the network technology company’s stock valued at $1,919,000 after purchasing an additional 2,122 shares during the last quarter. Hedge funds and other institutional investors own 77.05% of the company’s stock.
Shares of Palo Alto Networks, Inc. (NYSE:PANW) opened at 143.56 on Wednesday. Palo Alto Networks, Inc. has a 12 month low of $107.31 and a 12 month high of $165.69. The stock’s 50 day moving average is $134.15 and its 200 day moving average is $125.75. The stock’s market capitalization is $13.18 billion.
Palo Alto Networks (NYSE:PANW) last announced its earnings results on Thursday, August 31st. The network technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.79 by ($0.92). Palo Alto Networks had a negative net margin of 12.57% and a negative return on equity of 19.72%. The company had revenue of $509.00 million during the quarter, compared to analyst estimates of $487.53 million. During the same quarter last year, the business earned $0.50 EPS. The firm’s revenue for the quarter was up 27.0% compared to the same quarter last year. Analysts anticipate that Palo Alto Networks, Inc. will post $3.34 earnings per share for the current fiscal year.
In other news, Director James J. Goetz sold 30,000 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $137.97, for a total value of $4,139,100.00. Following the transaction, the director now directly owns 271,645 shares of the company’s stock, valued at $37,478,860.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carl M. Eschenbach sold 1,572 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $144.99, for a total transaction of $227,924.28. Following the completion of the transaction, the director now directly owns 3,619 shares in the company, valued at $524,718.81. The disclosure for this sale can be found here. 4.80% of the stock is owned by company insiders.
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Several equities analysts have recently issued reports on the stock. UBS AG reiterated a “neutral” rating and set a $140.00 target price (up from $130.00) on shares of Palo Alto Networks in a report on Monday, June 5th. Evercore ISI set a $140.00 price objective on shares of Palo Alto Networks and gave the stock a “hold” rating in a report on Saturday, June 17th. William Blair restated a “market perform” rating on shares of Palo Alto Networks in a report on Tuesday, September 5th. Imperial Capital upgraded shares of Palo Alto Networks from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $137.00 to $165.00 in a report on Tuesday, September 5th. Finally, Vetr lowered shares of Palo Alto Networks from a “buy” rating to a “hold” rating and set a $140.90 price objective for the company. in a report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $157.91.
About Palo Alto Networks
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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