Wealthsource Partners LLC Takes $209,000 Position in Palo Alto Networks Inc (PANW)

Wealthsource Partners LLC bought a new position in shares of Palo Alto Networks Inc (NYSE:PANW) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 929 shares of the network technology company’s stock, valued at approximately $209,000.

A number of other hedge funds also recently made changes to their positions in the stock. Banco de Sabadell S.A bought a new stake in Palo Alto Networks in the 2nd quarter valued at $103,000. CIBC Private Wealth Group LLC increased its holdings in Palo Alto Networks by 2,475.0% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 515 shares of the network technology company’s stock valued at $106,000 after buying an additional 495 shares during the period. First Manhattan Co. bought a new stake in Palo Alto Networks in the 3rd quarter valued at $106,000. Price Capital Management Inc. bought a new stake in Palo Alto Networks in the 3rd quarter valued at $113,000. Finally, NEXT Financial Group Inc bought a new stake in Palo Alto Networks in the 3rd quarter valued at $125,000. 80.83% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on PANW. KeyCorp boosted their price target on shares of Palo Alto Networks from $245.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, September 7th. Rosenblatt Securities boosted their price target on shares of Palo Alto Networks to $280.00 and gave the company a “buy” rating in a report on Friday, September 7th. Monness Crespi & Hardt boosted their price target on shares of Palo Alto Networks from $235.00 to $265.00 and gave the company a “buy” rating in a report on Friday, September 7th. Jefferies Financial Group boosted their price target on shares of Palo Alto Networks to $267.00 and gave the company a “buy” rating in a report on Friday, September 7th. Finally, CIBC boosted their price target on shares of Palo Alto Networks from $235.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the company’s stock. Palo Alto Networks presently has an average rating of “Buy” and an average price target of $239.94.

In other news, EVP Lee Klarich sold 8,000 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $231.91, for a total value of $1,855,280.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stanley J. Meresman sold 1,979 shares of the company’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $234.22, for a total value of $463,521.38. Following the completion of the sale, the director now directly owns 5,716 shares of the company’s stock, valued at $1,338,801.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 256,669 shares of company stock worth $55,480,042. 3.10% of the stock is owned by corporate insiders.

Shares of NYSE PANW opened at $175.09 on Friday. The stock has a market cap of $17.25 billion, a P/E ratio of -318.35, a P/E/G ratio of 10.90 and a beta of 1.14. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.93 and a current ratio of 2.10. Palo Alto Networks Inc has a 12-month low of $142.67 and a 12-month high of $239.50.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Thursday, November 29th. The network technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The business had revenue of $656.00 million for the quarter, compared to the consensus estimate of $632.16 million. Palo Alto Networks had a negative net margin of 5.04% and a negative return on equity of 1.72%. The firm’s quarterly revenue was up 30.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. On average, sell-side analysts forecast that Palo Alto Networks Inc will post 0.71 earnings per share for the current fiscal year.

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Palo Alto Networks Company Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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