QCM Cayman Ltd. bought a new position in shares of Palo Alto Networks, Inc. (NYSE:PANW) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,794 shares of the network technology company’s stock, valued at approximately $374,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Palo Alto Networks by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 7,262,069 shares of the network technology company’s stock worth $971,738,000 after acquiring an additional 254,836 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Palo Alto Networks by 16.7% in the 1st quarter. Renaissance Technologies LLC now owns 2,152,800 shares of the network technology company’s stock worth $242,578,000 after acquiring an additional 307,800 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Palo Alto Networks by 11.3% in the 1st quarter. Clearbridge Investments LLC now owns 1,888,116 shares of the network technology company’s stock worth $212,753,000 after acquiring an additional 191,475 shares during the period. American Century Companies Inc. grew its holdings in shares of Palo Alto Networks by 512.7% in the 2nd quarter. American Century Companies Inc. now owns 1,747,339 shares of the network technology company’s stock worth $233,811,000 after acquiring an additional 1,462,162 shares during the period. Finally, CI Global Investments Inc. grew its holdings in shares of Palo Alto Networks by 2.4% in the 2nd quarter. CI Global Investments Inc. now owns 1,617,837 shares of the network technology company’s stock worth $216,483,000 after acquiring an additional 37,597 shares during the period. 77.03% of the stock is owned by institutional investors and hedge funds.

Shares of Palo Alto Networks, Inc. (NYSE PANW) traded up 2.42% during mid-day trading on Friday, hitting $144.10. The stock had a trading volume of 1,539,285 shares. The stock’s market cap is $13.23 billion. Palo Alto Networks, Inc. has a 52 week low of $107.31 and a 52 week high of $165.69. The stock has a 50-day moving average price of $135.34 and a 200 day moving average price of $126.14.

Palo Alto Networks (NYSE:PANW) last released its earnings results on Thursday, August 31st. The network technology company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.92). The firm had revenue of $509.00 million for the quarter, compared to analyst estimates of $487.53 million. Palo Alto Networks had a negative return on equity of 19.72% and a negative net margin of 12.57%. The firm’s revenue was up 27.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.50 EPS. On average, equities analysts forecast that Palo Alto Networks, Inc. will post $3.33 EPS for the current fiscal year.

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In other Palo Alto Networks news, insider Nir Zuk sold 2,000 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $145.01, for a total transaction of $290,020.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Mark Anderson sold 44,429 shares of the business’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $143.10, for a total transaction of $6,357,789.90. Following the transaction, the president now directly owns 176,290 shares of the company’s stock, valued at approximately $25,227,099. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,001 shares of company stock valued at $11,014,834. Company insiders own 4.80% of the company’s stock.

A number of equities research analysts recently weighed in on PANW shares. BidaskClub upgraded Palo Alto Networks from a “strong sell” rating to a “sell” rating in a report on Thursday, August 17th. Rosenblatt Securities restated a “buy” rating and issued a $160.00 price target on shares of Palo Alto Networks in a report on Friday, September 1st. UBS AG set a $140.00 price target on Palo Alto Networks and gave the stock a “hold” rating in a report on Tuesday, August 29th. Citigroup Inc. restated a “buy” rating and issued a $168.00 price target (up previously from $160.00) on shares of Palo Alto Networks in a report on Friday, September 1st. Finally, Maxim Group restated a “buy” rating and issued a $168.00 price target on shares of Palo Alto Networks in a report on Friday, September 1st. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $158.73.

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.

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

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