OVERSEA CHINESE BANKING Corp Ltd Has $8.74 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 96.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 51,213 shares of the network technology company's stock after purchasing an additional 25,164 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Palo Alto Networks were worth $8,739,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PANW. Brighton Jones LLC grew its holdings in shares of Palo Alto Networks by 147.7% during the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after acquiring an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Palo Alto Networks by 115.6% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company's stock worth $8,004,000 after purchasing an additional 23,586 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Palo Alto Networks by 215.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,416 shares of the network technology company's stock worth $440,000 after purchasing an additional 1,651 shares in the last quarter. Associated Banc Corp bought a new stake in Palo Alto Networks in the fourth quarter worth $215,000. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Palo Alto Networks by 77.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 82,517 shares of the network technology company's stock worth $15,015,000 after purchasing an additional 35,913 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 1.9%

PANW stock traded up $3.69 during midday trading on Thursday, reaching $196.28. The company's stock had a trading volume of 4,297,753 shares, compared to its average volume of 5,408,796. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39. The stock has a market cap of $130.88 billion, a PE ratio of 112.16, a price-to-earnings-growth ratio of 5.37 and a beta of 0.97. The business's 50-day simple moving average is $195.25 and its 200-day simple moving average is $185.85.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The firm had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. During the same period last year, the firm earned $0.66 earnings per share. The business's revenue for the quarter was up 15.3% on a year-over-year basis. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Northland Securities decreased their price objective on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a report on Wednesday, May 21st. HSBC raised shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 target price for the company in a research report on Thursday, April 10th. Wells Fargo & Company boosted their target price on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Morgan Stanley cut their target price on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Sanford C. Bernstein set a $225.00 target price on shares of Palo Alto Networks and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat, Palo Alto Networks has an average rating of "Moderate Buy" and an average target price of $208.00.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the sale, the executive vice president directly owned 293,010 shares in the company, valued at approximately $55,458,002.70. This trade represents a 29.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 800 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $201.05, for a total transaction of $160,840.00. Following the completion of the sale, the chief accounting officer owned 42,033 shares in the company, valued at approximately $8,450,734.65. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 569,248 shares of company stock valued at $111,279,829. 2.50% of the stock is currently owned by company insiders.

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.