Summit X LLC Acquires 4,625 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Summit X LLC lifted its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 104.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,050 shares of the network technology company's stock after acquiring an additional 4,625 shares during the period. Summit X LLC's holdings in Palo Alto Networks were worth $1,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Transce3nd LLC bought a new position in shares of Palo Alto Networks in the fourth quarter valued at about $25,000. Strategic Investment Solutions Inc. IL grew its position in shares of Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares during the period. Anchor Investment Management LLC lifted its stake in Palo Alto Networks by 100.0% in the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock valued at $28,000 after acquiring an additional 78 shares in the last quarter. Kiely Wealth Advisory Group Inc. lifted its stake in Palo Alto Networks by 100.0% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock valued at $29,000 after acquiring an additional 75 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in shares of Palo Alto Networks during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 79.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PANW shares. Stephens lowered Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Jefferies Financial Group increased their target price on Palo Alto Networks from $215.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Morgan Stanley dropped their target price on 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. KeyCorp restated an "overweight" rating and set a $220.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. decreased their target price on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a research note on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $208.00.

Palo Alto Networks Stock Up 1.9%

Palo Alto Networks stock traded up $3.69 during mid-day trading on Thursday, reaching $196.28. 4,284,681 shares of the company's stock were exchanged, compared to its average volume of 5,408,775. The business's fifty day simple moving average is $195.25 and its 200 day simple moving average is $185.85. The firm has a market capitalization of $130.88 billion, a PE ratio of 112.16, a P/E/G ratio of 5.37 and a beta of 0.97. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) 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 19.48% and a net margin of 13.95%. The business's revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 earnings per share. On average, sell-side analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Transactions at Palo Alto Networks

In other news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction on Friday, May 30th. The stock was sold at an average price of $190.00, for a total value of $99,940.00. Following the completion of the transaction, the director directly owned 8,632 shares in the company, valued at approximately $1,640,080. The trade was a 5.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Josh D. Paul sold 600 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $204.00, for a total value of $122,400.00. Following the transaction, the chief accounting officer owned 41,433 shares of the company's stock, valued at approximately $8,452,332. The trade was a 1.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 569,248 shares of company stock valued at $111,279,829. 2.50% of the stock is currently owned by insiders.

Palo Alto Networks Company 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.