National Asset Management Inc. lessened its position in Palo Alto Networks Inc (NYSE:PANW) by 11.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,370 shares of the network technology company’s stock after selling 309 shares during the period. National Asset Management Inc.’s holdings in Palo Alto Networks were worth $535,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PANW. Cedar Capital LLC increased its stake in Palo Alto Networks by 34.8% during the 3rd quarter. Cedar Capital LLC now owns 4,699 shares of the network technology company’s stock valued at $1,058,000 after buying an additional 1,212 shares during the period. Catalyst Capital Advisors LLC acquired a new position in Palo Alto Networks during the 3rd quarter valued at about $1,509,000. Piedmont Investment Advisors Inc. increased its stake in Palo Alto Networks by 256.9% during the 3rd quarter. Piedmont Investment Advisors Inc. now owns 8,543 shares of the network technology company’s stock valued at $1,924,000 after buying an additional 6,149 shares during the period. Hartford Investment Management Co. increased its stake in Palo Alto Networks by 395.2% during the 3rd quarter. Hartford Investment Management Co. now owns 5,719 shares of the network technology company’s stock valued at $1,288,000 after buying an additional 4,564 shares during the period. Finally, Swiss National Bank increased its stake in Palo Alto Networks by 2.1% during the 3rd quarter. Swiss National Bank now owns 337,800 shares of the network technology company’s stock valued at $76,093,000 after buying an additional 6,800 shares during the period. 81.73% of the stock is currently owned by institutional investors and hedge funds.

Shares of PANW opened at $169.90 on Monday. Palo Alto Networks Inc has a one year low of $139.37 and a one year high of $239.50. The stock has a market capitalization of $16.00 billion, a price-to-earnings ratio of -308.91, a PEG ratio of 11.91 and a beta of 1.22. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 1.42.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Thursday, September 6th. The network technology company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. Palo Alto Networks had a negative net margin of 6.51% and a negative return on equity of 4.12%. The company had revenue of $658.10 million during the quarter, compared to analysts’ expectations of $634.14 million. During the same period last year, the company posted $0.92 earnings per share. The business’s revenue for the quarter was up 29.3% on a year-over-year basis. As a group, analysts anticipate that Palo Alto Networks Inc will post 0.61 earnings per share for the current fiscal year.

Several research firms have recently weighed in on PANW. Zacks Investment Research lowered shares of Palo Alto Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, September 12th. Deutsche Bank raised their price objective on shares of Palo Alto Networks to $265.00 and gave the company a “buy” rating in a research report on Friday, September 7th. JPMorgan Chase & Co. raised their price objective on shares of Palo Alto Networks to $282.00 and gave the company an “overweight” rating in a research report on Friday, September 7th. Credit Suisse Group raised their price objective on shares of Palo Alto Networks from $175.00 to $185.00 and gave the company an “underperform” rating in a research report on Friday, September 7th. Finally, Citigroup raised their price objective on shares of Palo Alto Networks from $237.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $240.20.

In related news, CFO Kathleen Bonanno sold 467 shares of the firm’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $213.03, for a total transaction of $99,485.01. Following the completion of the sale, the chief financial officer now directly owns 34,954 shares in the company, valued at $7,446,250.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mark D. Mclaughlin sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $184.23, for a total transaction of $7,369,200.00. Following the sale, the director now owns 256,952 shares of the company’s stock, valued at $47,338,266.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 285,178 shares of company stock valued at $62,189,621. Corporate insiders own 3.10% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This article was first published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this article on another domain, it was illegally stolen and reposted in violation of international copyright law. The original version of this article can be read at https://www.thecerbatgem.com/2018/11/19/national-asset-management-inc-has-535000-position-in-palo-alto-networks-inc-panw.html.

About Palo Alto Networks

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

Featured Article: Price to Earnings Ratio (PE)

Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).

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

Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.