Zurich Insurance Group Ltd FI cut its stake in Palo Alto Networks, Inc. (NYSE:PANW) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,611 shares of the network technology company’s stock after selling 312 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Palo Alto Networks were worth $1,687,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PANW. Global X Management Co. LLC grew its position in shares of Palo Alto Networks by 31.9% in the first quarter. Global X Management Co. LLC now owns 939 shares of the network technology company’s stock valued at $106,000 after purchasing an additional 227 shares in the last quarter. Sun Life Financial INC grew its position in shares of Palo Alto Networks by 785.0% in the second quarter. Sun Life Financial INC now owns 1,000 shares of the network technology company’s stock valued at $134,000 after purchasing an additional 887 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in shares of Palo Alto Networks in the first quarter valued at $191,000. OLD National Bancorp IN purchased a new position in shares of Palo Alto Networks in the second quarter valued at $201,000. Finally, Summit Securities Group LLC purchased a new position in shares of Palo Alto Networks in the second quarter valued at $202,000. Institutional investors own 77.03% of the company’s stock.

Palo Alto Networks, Inc. (NYSE PANW) opened at 147.37 on Friday. The firm’s 50 day moving average price is $139.66 and its 200-day moving average price is $128.44. Palo Alto Networks, Inc. has a 12-month low of $107.31 and a 12-month high of $165.69. The stock’s market cap is $13.53 billion.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings data 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). The business had revenue of $509.00 million for the quarter, compared to analysts’ expectations of $487.53 million. Palo Alto Networks had a negative net margin of 12.57% and a negative return on equity of 19.72%. The business’s quarterly revenue was up 27.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. Equities research analysts anticipate that Palo Alto Networks, Inc. will post $3.33 earnings per share for the current fiscal year.

In related news, Director Carl M. Eschenbach sold 1,572 shares of Palo Alto Networks stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $144.99, for a total transaction of $227,924.28. Following the transaction, the director now directly owns 3,619 shares of the company’s stock, valued at $524,718.81. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James J. Goetz sold 30,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $137.97, for a total transaction of $4,139,100.00. Following the transaction, the director now directly owns 271,645 shares in the company, valued at $37,478,860.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,001 shares of company stock worth $11,304,354. 4.80% of the stock is currently owned by corporate insiders.

Several equities analysts have recently weighed in on PANW shares. BidaskClub upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a research report on Thursday, July 13th. Vetr upgraded Palo Alto Networks from a “hold” rating to a “buy” rating and set a $138.40 price target for the company in a research report on Monday, July 31st. Citigroup Inc. upgraded Palo Alto Networks from a “neutral” rating to a “buy” rating and lifted their price target for the company from $147.00 to $160.00 in a research report on Friday, July 7th. Piper Jaffray Companies set a $146.00 price target on Palo Alto Networks and gave the company a “buy” rating in a research report on Friday, August 25th. Finally, BTIG Research reiterated a “buy” rating and issued a $175.00 price target on shares of Palo Alto Networks in a research report on Thursday, August 31st. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-nine have given a buy rating to the stock. Palo Alto Networks presently has an average rating of “Buy” and an average target price of $159.60.

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Palo Alto Networks 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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