Envestnet Asset Management Inc. Raises Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Envestnet Asset Management Inc. increased its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 94.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,121,531 shares of the network technology company’s stock after acquiring an additional 544,336 shares during the period. Envestnet Asset Management Inc. owned approximately 0.17% of Palo Alto Networks worth $204,074,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Perennial Investment Advisors LLC boosted its holdings in Palo Alto Networks by 104.6% in the fourth quarter. Perennial Investment Advisors LLC now owns 10,224 shares of the network technology company’s stock valued at $1,860,000 after purchasing an additional 5,226 shares during the last quarter. Sit Investment Associates Inc. increased its holdings in Palo Alto Networks by 92.7% during the 4th quarter. Sit Investment Associates Inc. now owns 68,380 shares of the network technology company’s stock worth $12,442,000 after purchasing an additional 32,886 shares during the last quarter. Aviva PLC raised its position in shares of Palo Alto Networks by 115.5% in the 4th quarter. Aviva PLC now owns 392,270 shares of the network technology company’s stock valued at $71,377,000 after purchasing an additional 210,200 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Palo Alto Networks by 116.5% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 5,589 shares of the network technology company’s stock worth $1,017,000 after buying an additional 3,007 shares in the last quarter. Finally, Mizuho Bank Ltd. bought a new stake in shares of Palo Alto Networks in the fourth quarter worth $87,000. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Down 7.0 %

Shares of Palo Alto Networks stock opened at $153.57 on Monday. Palo Alto Networks, Inc. has a 12-month low of $132.83 and a 12-month high of $208.39. The firm has a market capitalization of $101.68 billion, a PE ratio of 86.52, a price-to-earnings-growth ratio of 5.64 and a beta of 1.07. The stock’s fifty day moving average is $185.60 and its 200-day moving average is $185.36.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results 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. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.24 billion. Analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Insider Activity at Palo Alto Networks

In related news, CEO Nikesh Arora sold 227,414 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total transaction of $39,281,220.22. Following the completion of the sale, the chief executive officer now directly owns 317,571 shares in the company, valued at approximately $54,854,038.83. This trade represents a 41.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Josh D. Paul sold 700 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $181.22, for a total transaction of $126,854.00. Following the transaction, the chief accounting officer now directly owns 47,976 shares in the company, valued at $8,694,210.72. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 818,544 shares of company stock valued at $147,132,028. Company insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on PANW. Guggenheim downgraded shares of Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Monday, January 6th. Morgan Stanley set a $230.00 price objective on Palo Alto Networks in a report on Tuesday, March 18th. Rosenblatt Securities reaffirmed a “buy” rating and set a $235.00 target price on shares of Palo Alto Networks in a report on Monday, March 31st. JMP Securities boosted their price target on Palo Alto Networks from $208.00 to $212.00 and gave the company a “market outperform” rating in a report on Friday, February 14th. Finally, Stephens began coverage on Palo Alto Networks in a research report on Tuesday, April 1st. They set an “equal weight” rating and a $205.00 price target on the stock. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.27.

Palo Alto Networks 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.