Cornerstone Select Advisors LLC Buys New Shares in Palo Alto Networks, Inc. (NASDAQ:PANW)

Cornerstone Select Advisors LLC acquired a new stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,186 shares of the network technology company's stock, valued at approximately $1,126,000.

Several other hedge funds have also added to or reduced their stakes in the business. Transce3nd LLC acquired a new stake in Palo Alto Networks in the fourth quarter valued at $25,000. SJS Investment Consulting Inc. increased its stake in shares of Palo Alto Networks by 97.2% in the fourth quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company's stock valued at $25,000 after buying an additional 69 shares during the period. Strategic Investment Solutions Inc. IL raised its position in shares of Palo Alto Networks by 64.0% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after acquiring an additional 55 shares during the last quarter. Valued Wealth Advisors LLC lifted its stake in shares of Palo Alto Networks by 246.3% in the fourth quarter. Valued Wealth Advisors LLC now owns 142 shares of the network technology company's stock worth $26,000 after acquiring an additional 101 shares during the period. Finally, Abound Wealth Management boosted its holdings in Palo Alto Networks by 97.3% in the fourth quarter. Abound Wealth Management now owns 146 shares of the network technology company's stock valued at $27,000 after acquiring an additional 72 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PANW has been the topic of a number of analyst reports. HSBC raised shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective on the stock in a research note on Thursday, April 10th. Morgan Stanley dropped their price target on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Stephens lowered shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Scotiabank increased their target price on shares of Palo Alto Networks from $200.00 to $225.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, January 21st. Finally, KeyCorp reduced their price target on shares of Palo Alto Networks from $240.00 to $205.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Palo Alto Networks currently has an average rating of "Moderate Buy" and an average target price of $203.06.

Palo Alto Networks Stock Down 0.8 %

PANW traded down $1.60 on Friday, hitting $186.93. The company's stock had a trading volume of 3,209,190 shares, compared to its average volume of 5,728,123. Palo Alto Networks, Inc. has a 12 month low of $142.01 and a 12 month high of $208.39. The firm has a market cap of $123.77 billion, a P/E ratio of 105.31, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02. The company's 50 day simple moving average is $176.07 and its 200-day simple moving average is $184.72.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.06. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The company had revenue of $2.26 billion during the quarter, compared to analysts' expectations of $2.24 billion. Equities analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In other news, CEO Nikesh Arora sold 227,414 shares of the firm's stock in a transaction 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 sale, the chief executive officer now owns 317,571 shares in the company, valued at approximately $54,854,038.83. This trade represents a 41.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Lee Klarich sold 120,774 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $151.13, for a total transaction of $18,252,574.62. Following the completion of the transaction, the executive vice president now owns 321,774 shares of the company's stock, valued at $48,629,704.62. This trade represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 568,962 shares of company stock valued at $96,933,690. 2.50% of the stock is owned by corporate insiders.

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.