Zurcher Kantonalbank Zurich Cantonalbank Has $81.91 Million Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• Zurcher Kantonalbank increased its stake in Palo Alto Networks by 3.5%, holding 480,035 shares valued at approximately $81.9 million.
• Palo Alto Networks reported a 15.3% increase in revenue year-over-year, with earnings per share (EPS) of $0.80, surpassing analysts' expectations.
• Institutional investors currently own 79.82% of Palo Alto Networks' stock, indicating strong institutional support for the company.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 3.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 480,035 shares of the network technology company's stock after acquiring an additional 16,343 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Palo Alto Networks worth $81,913,000 at the end of the most recent reporting period.

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

Palo Alto Networks Trading Up 1.0%

Shares of PANW stock opened at $203.27 on Friday. The stock has a market capitalization of $135.54 billion, a P/E ratio of 116.15, a PEG ratio of 5.67 and a beta of 0.97. The firm's 50 day moving average is $196.34 and its 200 day moving average is $186.81. 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 announced its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. The company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. Palo Alto Networks's revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. On average, equities analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Northland Securities lowered their price objective on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating on the stock in a report on Wednesday, May 21st. Guggenheim restated a "sell" rating and set a $130.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. JPMorgan Chase & Co. lowered their price objective on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a report on Wednesday, May 21st. Rosenblatt Securities restated a "buy" rating and set a $235.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 20th. Finally, HSBC upgraded 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 report on Thursday, April 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-seven have issued a buy rating to the company. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of "Moderate Buy" and an average price target of $209.42.

Insider Buying and Selling

In related news, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $198.66, for a total transaction of $19,866,000.00. Following the sale, the executive vice president owned 3,243,516 shares of the company's stock, valued at approximately $644,356,888.56. This represents a 2.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the sale, the executive vice president directly owned 101,135 shares in the company, valued at $20,414,099.75. This trade represents a 4.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 569,248 shares of company stock valued at $111,279,829 in the last three months. Insiders own 2.50% of the company's stock.

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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