Eaton Vance Management Buys 2,932 Shares of Palo Alto Networks, Inc. (NYSE:PANW)

Eaton Vance Management raised its stake in Palo Alto Networks, Inc. (NYSE:PANW) by 0.8% in the 1st quarter, HoldingsChannel reports. The firm owned 357,965 shares of the network technology company’s stock after acquiring an additional 2,932 shares during the quarter. Eaton Vance Management’s holdings in Palo Alto Networks were worth $115,286,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Loomis Sayles & Co. L P increased its stake in Palo Alto Networks by 17.1% in the first quarter. Loomis Sayles & Co. L P now owns 521 shares of the network technology company’s stock valued at $168,000 after purchasing an additional 76 shares in the last quarter. State of Wisconsin Investment Board increased its position in shares of Palo Alto Networks by 7.8% during the first quarter. State of Wisconsin Investment Board now owns 177,196 shares of the network technology company’s stock worth $57,068,000 after acquiring an additional 12,863 shares in the last quarter. Maverick Capital Ltd. bought a new stake in shares of Palo Alto Networks during the first quarter worth about $3,461,000. Tudor Investment Corp Et Al increased its position in shares of Palo Alto Networks by 433.5% during the first quarter. Tudor Investment Corp Et Al now owns 42,452 shares of the network technology company’s stock worth $13,672,000 after acquiring an additional 34,494 shares in the last quarter. Finally, Crosslink Capital Inc. increased its position in shares of Palo Alto Networks by 1.1% during the first quarter. Crosslink Capital Inc. now owns 167,917 shares of the network technology company’s stock worth $54,079,000 after acquiring an additional 1,810 shares in the last quarter. 81.88% of the stock is owned by hedge funds and other institutional investors.

NYSE PANW opened at $391.82 on Thursday. Palo Alto Networks, Inc. has a 1 year low of $219.34 and a 1 year high of $403.00. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 3.20. The stock has a market cap of $38.16 billion, a PE ratio of -85.93 and a beta of 1.39. The business has a 50 day moving average price of $367.90.

Palo Alto Networks (NYSE:PANW) last posted its earnings results on Wednesday, May 19th. The network technology company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.10. Palo Alto Networks had a negative net margin of 11.00% and a negative return on equity of 10.65%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the company posted $1.17 EPS. The business’s revenue for the quarter was up 23.5% compared to the same quarter last year. On average, analysts forecast that Palo Alto Networks, Inc. will post -1.55 EPS for the current fiscal year.

In other news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $351.36, for a total value of $4,216,320.00. Following the transaction, the executive vice president now owns 843,304 shares of the company’s stock, valued at approximately $296,303,293.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Amit K. Singh sold 5,500 shares of the stock in a transaction on Monday, July 12th. The stock was sold at an average price of $391.50, for a total transaction of $2,153,250.00. The disclosure for this sale can be found here. Insiders sold a total of 44,546 shares of company stock worth $16,169,555 in the last three months. Insiders own 2.30% of the company’s stock.

PANW has been the subject of several recent research reports. Robert W. Baird reissued a “buy” rating on shares of Palo Alto Networks in a research report on Friday, April 16th. Piper Sandler boosted their target price on shares of Palo Alto Networks from $425.00 to $450.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 16th. Zacks Investment Research raised shares of Palo Alto Networks from a “hold” rating to a “buy” rating and set a $386.00 target price for the company in a research report on Tuesday, June 15th. Stifel Nicolaus began coverage on shares of Palo Alto Networks in a research report on Monday, May 24th. They set a “buy” rating for the company. Finally, Cowen began coverage on shares of Palo Alto Networks in a research report on Wednesday, May 26th. They issued an “outperform” rating and a $425.00 price objective for the company. One research analyst has rated the stock with a sell rating and twenty-eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $404.73.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software deployed on an end-customer's network as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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

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