Resona Asset Management Co. Ltd. Has $36.29 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Resona Asset Management Co. Ltd. boosted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 9.0% during the first quarter, Holdings Channel reports. The institutional investor owned 212,245 shares of the network technology company’s stock after purchasing an additional 17,503 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Palo Alto Networks were worth $36,289,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Palo Alto Networks by 147.7% during the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company’s stock worth $1,230,000 after purchasing an additional 4,031 shares during the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of Palo Alto Networks by 115.6% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company’s stock worth $8,004,000 after purchasing an additional 23,586 shares in the last quarter. Martingale Asset Management L P bought a new stake in shares of Palo Alto Networks during the 4th quarter worth approximately $236,000. Sagespring Wealth Partners LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter worth approximately $970,000. Finally, Granite Investment Partners LLC raised its stake in shares of Palo Alto Networks by 100.0% during the 4th quarter. Granite Investment Partners LLC now owns 3,816 shares of the network technology company’s stock worth $694,000 after purchasing an additional 1,908 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 0.7%

Shares of PANW stock opened at $168.17 on Tuesday. The business’s 50-day moving average price is $193.70 and its 200-day moving average price is $186.78. Palo Alto Networks, Inc. has a 12 month low of $144.15 and a 12 month high of $210.39. The firm has a market capitalization of $112.14 billion, a price-to-earnings ratio of 96.10, a PEG ratio of 3.96 and a beta of 0.94.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Northland Securities dropped their price objective on Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 21st. Sanford C. Bernstein set a $225.00 price target on Palo Alto Networks and gave the company an “outperform” rating in a research note on Wednesday, May 21st. Guggenheim restated a “sell” rating and issued a $130.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. TD Securities restated a “buy” rating and issued a $230.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Finally, KeyCorp cut Palo Alto Networks from an “overweight” rating to a “sector weight” rating in a research note on Thursday, July 31st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $217.07.

Insider Activity

In other news, EVP Dipak Golechha sold 5,000 shares of Palo Alto Networks stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the sale, the executive vice president directly owned 101,135 shares of the company’s stock, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $190.00, for a total value of $99,940.00. Following the completion of the transaction, the director directly owned 8,632 shares in the company, valued at approximately $1,640,080. This represents a 5.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 669,248 shares of company stock valued at $126,423,337. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; and Panorama, a security management solution for the global control of network security platform as a virtual or a physical appliance. It also provides subscription services covering the areas of threat prevention, malware and persistent threat, URL filtering, laptop and mobile device protection, DNS security, Internet of Things security, SaaS security API, and SaaS security inline, as well as threat intelligence, and data loss prevention.