Somerset Group LLC Grows Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Somerset Group LLC raised its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 93.2% during the 4th quarter, Holdings Channel reports. The fund owned 17,216 shares of the network technology company’s stock after purchasing an additional 8,307 shares during the period. Palo Alto Networks makes up approximately 2.9% of Somerset Group LLC’s investment portfolio, making the stock its 12th biggest position. Somerset Group LLC’s holdings in Palo Alto Networks were worth $3,133,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Palo Alto Networks by 3.0% during the third quarter. Geode Capital Management LLC now owns 7,656,968 shares of the network technology company’s stock worth $2,609,486,000 after acquiring an additional 220,900 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Palo Alto Networks by 83.0% in the 4th quarter. Jennison Associates LLC now owns 5,759,689 shares of the network technology company’s stock worth $1,048,033,000 after purchasing an additional 2,612,474 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Palo Alto Networks by 109.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,202,926 shares of the network technology company’s stock valued at $764,764,000 after purchasing an additional 2,197,765 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Palo Alto Networks during the 4th quarter valued at $388,155,000. Finally, Swiss National Bank lifted its position in Palo Alto Networks by 91.4% in the fourth quarter. Swiss National Bank now owns 1,839,400 shares of the network technology company’s stock worth $334,697,000 after buying an additional 878,400 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insider Transactions at Palo Alto Networks

In related news, CEO Nikesh Arora sold 490,723 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $182.45, for a total value of $89,532,411.35. Following the completion of the transaction, the chief executive officer now owns 1,086,404 shares in the company, valued at $198,214,409.80. This trade represents a 31.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lee Klarich sold 120,000 shares of Palo Alto Networks stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $179.70, for a total value of $21,564,000.00. Following the sale, the executive vice president now directly owns 365,856 shares of the company’s stock, valued at approximately $65,744,323.20. This represents a 24.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,122,864 shares of company stock worth $204,315,811. Company insiders own 2.50% of the company’s stock.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $182.32 on Friday. The stock has a market cap of $120.71 billion, a PE ratio of 102.72, a price-to-earnings-growth ratio of 5.64 and a beta of 1.04. The stock has a 50-day moving average of $186.59 and a two-hundred day moving average of $185.00. Palo Alto Networks, Inc. has a one year low of $132.50 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Thursday, February 13th. The network technology company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.75 by $0.06. The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. KeyCorp boosted their price objective on shares of Palo Alto Networks from $217.00 to $240.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. BTIG Research downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating in a report on Wednesday, January 8th. Cantor Fitzgerald reissued an “overweight” rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Westpark Capital reaffirmed a “hold” rating and set a $196.40 target price on shares of Palo Alto Networks in a research note on Wednesday, February 12th. Finally, Rosenblatt Securities raised their price target on Palo Alto Networks from $212.50 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $205.06.

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.