Gerber Kawasaki Wealth & Investment Management acquired a new position in shares of Palo Alto Networks Inc (NYSE:PANW) in the 1st quarter, HoldingsChannel reports. The fund acquired 1,300 shares of the network technology company’s stock, valued at approximately $315,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PANW. Alpha Omega Wealth Management LLC bought a new stake in shares of Palo Alto Networks during the 1st quarter worth $26,000. C J Advisory Inc bought a new stake in shares of Palo Alto Networks during the 1st quarter worth $30,000. Bruderman Asset Management LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter worth $38,000. Karp Capital Management Corp bought a new stake in shares of Palo Alto Networks during the 4th quarter worth $40,000. Finally, Arrow Financial Corp bought a new stake in shares of Palo Alto Networks during the 1st quarter worth $40,000. 79.71% of the stock is owned by institutional investors and hedge funds.
Shares of Palo Alto Networks stock traded up $2.92 during mid-day trading on Thursday, reaching $222.67. 18,265 shares of the stock were exchanged, compared to its average volume of 1,257,282. The stock has a market capitalization of $20.75 billion, a P/E ratio of -402.58, a price-to-earnings-growth ratio of 10.04 and a beta of 0.84. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.31. Palo Alto Networks Inc has a fifty-two week low of $160.08 and a fifty-two week high of $260.63.
Palo Alto Networks (NYSE:PANW) last announced its earnings results on Tuesday, February 26th. The network technology company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.20. The business had revenue of $711.00 million during the quarter, compared to analysts’ expectations of $682.32 million. Palo Alto Networks had a negative net margin of 3.47% and a positive return on equity of 4.69%. The firm’s revenue for the quarter was up 30.3% on a year-over-year basis. During the same quarter last year, the company posted $0.97 EPS. On average, equities analysts anticipate that Palo Alto Networks Inc will post 0.96 earnings per share for the current year.
A number of analysts have weighed in on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $296.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 27th. ValuEngine raised shares of Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Morgan Stanley increased their price target on shares of Palo Alto Networks from $266.00 to $290.00 and gave the company an “overweight” rating in a report on Wednesday, February 27th. Robert W. Baird increased their price target on shares of Palo Alto Networks from $250.00 to $265.00 and gave the company an “outperform” rating in a report on Wednesday, February 20th. Finally, Wedbush raised shares of Palo Alto Networks from a “neutral” rating to an “outperform” rating and increased their price target for the company from $225.00 to $265.00 in a report on Thursday, January 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $268.75.
In other Palo Alto Networks news, EVP Nir Zuk sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $234.44, for a total value of $7,033,200.00. Following the completion of the sale, the executive vice president now owns 990,860 shares in the company, valued at approximately $232,297,218.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl M. Eschenbach sold 3,385 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $241.90, for a total transaction of $818,831.50. Following the completion of the sale, the director now owns 4,359 shares of the company’s stock, valued at approximately $1,054,442.10. The disclosure for this sale can be found here. Insiders have sold a total of 242,844 shares of company stock valued at $58,586,545 in the last quarter. 3.10% of the stock is currently owned by corporate insiders.
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.
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