Bowen Hanes & Co. Inc. Invests $18.02 Million in Palo Alto Networks Inc (PANW)

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Bowen Hanes & Co. Inc. bought a new stake in Palo Alto Networks Inc (NYSE:PANW) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 80,000 shares of the network technology company’s stock, valued at approximately $18,021,000. Bowen Hanes & Co. Inc. owned about 0.08% of Palo Alto Networks at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Peregrine Capital Management LLC bought a new stake in Palo Alto Networks during the second quarter valued at $177,000. Atria Investments LLC increased its stake in Palo Alto Networks by 37.0% during the second quarter. Atria Investments LLC now owns 3,289 shares of the network technology company’s stock valued at $676,000 after purchasing an additional 889 shares during the last quarter. Bank of Montreal Can increased its stake in Palo Alto Networks by 193.7% during the second quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock valued at $112,061,000 after purchasing an additional 359,685 shares during the last quarter. Winslow Evans & Crocker Inc. increased its stake in Palo Alto Networks by 68.6% during the second quarter. Winslow Evans & Crocker Inc. now owns 5,362 shares of the network technology company’s stock valued at $1,104,000 after purchasing an additional 2,182 shares during the last quarter. Finally, Oakbrook Investments LLC bought a new stake in Palo Alto Networks during the second quarter valued at $272,000. 80.07% of the stock is owned by institutional investors.

Several analysts have weighed in on PANW shares. ValuEngine upgraded shares of Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 3rd. Zacks Investment Research lowered shares of Palo Alto Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Raymond James boosted their target price on shares of Palo Alto Networks from $240.00 to $254.00 and gave the company an “outperform” rating in a research note on Wednesday, September 5th. Evercore ISI reiterated a “buy” rating and set a $270.00 target price on shares of Palo Alto Networks in a research note on Friday, September 7th. Finally, Jefferies Financial Group boosted their target price on shares of Palo Alto Networks to $267.00 and gave the company a “buy” rating in a research note on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $240.94.

Shares of PANW opened at $176.80 on Wednesday. The stock has a market capitalization of $16.73 billion, a P/E ratio of -321.45, a P/E/G ratio of 12.46 and a beta of 1.22. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.93 and a quick ratio of 1.93. Palo Alto Networks Inc has a 52-week low of $135.85 and a 52-week high of $239.50.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Thursday, September 6th. The network technology company reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.11. The firm had revenue of $658.10 million during the quarter, compared to analyst estimates of $634.14 million. Palo Alto Networks had a negative net margin of 6.51% and a negative return on equity of 4.12%. Palo Alto Networks’s revenue was up 29.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 EPS. Equities research analysts expect that Palo Alto Networks Inc will post 0.61 EPS for the current fiscal year.

In related news, Director Mark D. Mclaughlin sold 40,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $184.23, for a total value of $7,369,200.00. Following the completion of the transaction, the director now owns 256,952 shares in the company, valued at approximately $47,338,266.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nir Zuk sold 30,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $186.20, for a total transaction of $5,586,000.00. Following the completion of the transaction, the executive vice president now owns 1,121,927 shares of the company’s stock, valued at approximately $208,902,807.40. The disclosure for this sale can be found here. Insiders sold a total of 285,178 shares of company stock valued at $62,189,621 in the last quarter. 3.10% of the stock is currently owned by insiders.

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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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