Berkshire Bank Reduces Stake in Palo Alto Networks, Inc. (NYSE:PANW)

Berkshire Bank reduced its stake in Palo Alto Networks, Inc. (NYSE:PANW) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 570 shares of the network technology company’s stock after selling 25 shares during the quarter. Berkshire Bank’s holdings in Palo Alto Networks were worth $273,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Atalan Capital Partners LP purchased a new position in shares of Palo Alto Networks during the 2nd quarter worth $126,157,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Palo Alto Networks by 134.6% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 586,400 shares of the network technology company’s stock worth $217,584,000 after purchasing an additional 336,392 shares during the period. Alyeska Investment Group L.P. grew its holdings in shares of Palo Alto Networks by 93.4% during the 2nd quarter. Alyeska Investment Group L.P. now owns 319,205 shares of the network technology company’s stock worth $118,441,000 after purchasing an additional 154,116 shares during the period. Nicholas Company Inc. grew its holdings in shares of Palo Alto Networks by 247.2% during the 2nd quarter. Nicholas Company Inc. now owns 163,340 shares of the network technology company’s stock worth $60,607,000 after purchasing an additional 116,290 shares during the period. Finally, Stifel Financial Corp lifted its stake in Palo Alto Networks by 34.2% during the 2nd quarter. Stifel Financial Corp now owns 329,796 shares of the network technology company’s stock worth $122,370,000 after acquiring an additional 84,058 shares in the last quarter. Institutional investors own 82.62% of the company’s stock.

In other news, Director John P. Key sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $457.87, for a total transaction of $457,870.00. Following the completion of the transaction, the director now directly owns 4,521 shares of the company’s stock, valued at $2,070,030.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nir Zuk sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $459.40, for a total value of $5,512,800.00. The disclosure for this sale can be found here. Insiders have sold 57,870 shares of company stock worth $28,176,363 in the last 90 days. 2.20% of the stock is currently owned by insiders.

PANW has been the topic of a number of analyst reports. Raymond James increased their price target on Palo Alto Networks from $450.00 to $600.00 and gave the company an “outperform” rating in a research report on Friday, November 19th. Cowen raised their price target on Palo Alto Networks from $550.00 to $620.00 and gave the company an “outperform” rating in a report on Friday, November 19th. Loop Capital raised their price target on Palo Alto Networks from $475.00 to $530.00 and gave the company a “hold” rating in a report on Friday, November 19th. Mizuho raised their price target on Palo Alto Networks from $560.00 to $625.00 and gave the company a “buy” rating in a report on Monday, November 15th. They noted that the move was a valuation call. Finally, Royal Bank of Canada lifted their price objective on Palo Alto Networks from $560.00 to $590.00 and gave the stock an “outperform” rating in a report on Monday, November 15th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $576.00.

Shares of NYSE:PANW traded up $16.70 during trading on Thursday, hitting $549.72. The company’s stock had a trading volume of 1,248,557 shares, compared to its average volume of 1,171,238. The company has a debt-to-equity ratio of 2.63, a quick ratio of 0.91 and a current ratio of 0.91. Palo Alto Networks, Inc. has a fifty-two week low of $289.77 and a fifty-two week high of $559.54. The stock’s 50-day moving average price is $500.38 and its two-hundred day moving average price is $427.89. The company has a market capitalization of $53.88 billion, a PE ratio of -106.12 and a beta of 1.35.

Palo Alto Networks (NYSE:PANW) last released its quarterly earnings results on Thursday, November 18th. The network technology company reported $1.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.07. Palo Alto Networks had a negative return on equity of 17.08% and a negative net margin of 11.72%. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue was up 31.9% compared to the same quarter last year. On average, equities analysts predict that Palo Alto Networks, Inc. will post -0.47 earnings per share for the current fiscal year.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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

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