Envestnet Asset Management Inc. Purchases 37,700 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Envestnet Asset Management Inc. boosted its position in Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 8.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 499,259 shares of the network technology company’s stock after acquiring an additional 37,700 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Palo Alto Networks were worth $147,221,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PANW. Norges Bank bought a new position in Palo Alto Networks in the fourth quarter valued at approximately $1,563,020,000. International Assets Investment Management LLC boosted its position in Palo Alto Networks by 29,086.9% in the fourth quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after buying an additional 2,050,917 shares in the last quarter. Jennison Associates LLC boosted its position in Palo Alto Networks by 83.1% in the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after buying an additional 1,187,915 shares in the last quarter. Axiom Investors LLC DE boosted its position in Palo Alto Networks by 359.3% in the fourth quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after buying an additional 749,199 shares in the last quarter. Finally, Mirova US LLC acquired a new stake in Palo Alto Networks in the fourth quarter valued at approximately $106,638,000. 79.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PANW has been the topic of a number of research analyst reports. Loop Capital lowered shares of Palo Alto Networks from a “buy” rating to a “hold” rating and set a $300.00 target price on the stock. in a research report on Wednesday, February 21st. Cantor Fitzgerald restated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a report on Wednesday, April 17th. Citigroup boosted their target price on shares of Palo Alto Networks from $335.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. JPMorgan Chase & Co. boosted their target price on shares of Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Finally, Morgan Stanley restated an “overweight” rating and issued a $360.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 21st. Twelve analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Read Our Latest Stock Report on PANW

Insider Buying and Selling

In related news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $293.31, for a total transaction of $10,559,160.00. Following the sale, the executive vice president now owns 1,259,567 shares of the company’s stock, valued at approximately $369,443,596.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President William D. Jenkins, Jr. sold 1,621 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total value of $497,517.32. Following the transaction, the president now owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nir Zuk sold 36,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $293.31, for a total transaction of $10,559,160.00. Following the completion of the transaction, the executive vice president now directly owns 1,259,567 shares in the company, valued at approximately $369,443,596.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 314,897 shares of company stock valued at $90,909,807. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Trading Up 2.0 %

Shares of PANW stock opened at $301.90 on Friday. The stock has a market capitalization of $97.76 billion, a P/E ratio of 43.88, a PEG ratio of 4.55 and a beta of 1.10. The firm’s 50 day moving average is $293.53 and its 200 day moving average is $303.21. Palo Alto Networks, Inc. has a 12 month low of $201.17 and a 12 month high of $380.84.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. Palo Alto Networks’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. On average, equities analysts predict that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

About Palo Alto Networks

(Free Report)

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.

Featured Stories

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. (NASDAQ:PANWFree Report).

Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ: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.