Cornerstone Advisory LLC Boosts Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Cornerstone Advisory LLC raised its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 77.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,043 shares of the network technology company's stock after buying an additional 3,066 shares during the quarter. Cornerstone Advisory LLC's holdings in Palo Alto Networks were worth $1,409,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Highview Capital Management LLC DE raised its holdings in shares of Palo Alto Networks by 103.5% during the 4th quarter. Highview Capital Management LLC DE now owns 6,426 shares of the network technology company's stock valued at $1,169,000 after buying an additional 3,268 shares during the period. Brown Shipley& Co Ltd raised its holdings in shares of Palo Alto Networks by 249.1% during the 4th quarter. Brown Shipley& Co Ltd now owns 1,920 shares of the network technology company's stock valued at $349,000 after buying an additional 1,370 shares during the period. RB Capital Management LLC raised its holdings in shares of Palo Alto Networks by 118.4% during the 4th quarter. RB Capital Management LLC now owns 5,442 shares of the network technology company's stock valued at $990,000 after buying an additional 2,950 shares during the period. EDENTREE ASSET MANAGEMENT Ltd raised its holdings in shares of Palo Alto Networks by 100.0% during the 4th quarter. EDENTREE ASSET MANAGEMENT Ltd now owns 48,850 shares of the network technology company's stock valued at $8,889,000 after buying an additional 24,425 shares during the period. Finally, Harmony Asset Management LLC raised its holdings in shares of Palo Alto Networks by 111.3% during the 4th quarter. Harmony Asset Management LLC now owns 13,799 shares of the network technology company's stock valued at $2,511,000 after buying an additional 7,270 shares during the period. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of the company's stock in a transaction dated 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 sale, the executive vice president now owns 321,774 shares in the company, valued at approximately $48,629,704.62. This represents a 27.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nikesh Arora sold 227,414 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $172.73, for a total value of $39,281,220.22. Following the sale, the chief executive officer now owns 317,571 shares of the company's stock, valued at approximately $54,854,038.83. This trade represents a 41.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 568,962 shares of company stock worth $96,933,690 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Citigroup raised their target price on Palo Alto Networks from $205.00 to $220.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. UBS Group raised their target price on Palo Alto Networks from $190.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Guggenheim restated a "sell" rating and set a $130.00 price objective on shares of Palo Alto Networks in a report on Wednesday. Stephens downgraded Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, Barclays dropped their price objective on Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $206.40.

Palo Alto Networks Stock Down 6.8%

Shares of Palo Alto Networks stock opened at $181.26 on Thursday. The stock's fifty day moving average is $178.01 and its 200-day moving average is $185.29. The firm has a market capitalization of $120.01 billion, a PE ratio of 102.12, a price-to-earnings-growth ratio of 5.64 and a beta of 1.02. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. Palo Alto Networks's quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. Analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

About Palo Alto Networks

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.

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