Exchange Traded Concepts LLC Has $2.96 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Exchange Traded Concepts LLC increased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 38.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,032 shares of the network technology company’s stock after acquiring an additional 2,802 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Palo Alto Networks were worth $2,958,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Worth Asset Management LLC bought a new stake in shares of Palo Alto Networks during the first quarter worth approximately $26,000. Covestor Ltd lifted its holdings in Palo Alto Networks by 61.8% during the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock worth $35,000 after purchasing an additional 21 shares during the last quarter. Salem Investment Counselors Inc. boosted its stake in Palo Alto Networks by 1,071.4% in the 2nd quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock valued at $41,000 after purchasing an additional 75 shares during the period. Pin Oak Investment Advisors Inc. acquired a new position in Palo Alto Networks in the 2nd quarter valued at $28,000. Finally, High Net Worth Advisory Group LLC bought a new position in Palo Alto Networks during the 1st quarter worth $71,000. Institutional investors own 85.69% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Lee Klarich sold 45,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $343.03, for a total transaction of $15,436,350.00. Following the completion of the transaction, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at approximately $67,955,958.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director John Donovan sold 20,136 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $288.57, for a total value of $5,810,645.52. Following the completion of the transaction, the director now directly owns 43,352 shares of the company’s stock, valued at approximately $12,510,086.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now owns 198,105 shares in the company, valued at approximately $67,955,958.15. The disclosure for this sale can be found here. Insiders have sold a total of 143,153 shares of company stock valued at $44,107,332 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Raymond James lowered shares of Palo Alto Networks from an “outperform” rating to a “market perform” rating in a research report on Monday, December 18th. Sanford C. Bernstein began coverage on Palo Alto Networks in a research note on Thursday, January 18th. They issued an “outperform” rating for the company. Cantor Fitzgerald lowered their price objective on Palo Alto Networks from $400.00 to $350.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 21st. BMO Capital Markets reduced their target price on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating on the stock in a report on Wednesday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, February 21st. Eleven investment analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $313.89.

Get Our Latest Report on Palo Alto Networks

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $282.16 on Friday. Palo Alto Networks, Inc. has a 52 week low of $176.30 and a 52 week high of $380.84. The stock has a 50 day moving average price of $324.69 and a two-hundred day moving average price of $283.45. The stock has a market capitalization of $91.17 billion, a PE ratio of 44.09, a price-to-earnings-growth ratio of 3.95 and a beta of 1.21.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $1.97 billion. Research analysts forecast that Palo Alto Networks, Inc. will post 2.77 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.

Further Reading

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

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