Harbour Investments Inc. Buys 155 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Harbour Investments Inc. raised its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 8.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,956 shares of the network technology company’s stock after acquiring an additional 155 shares during the quarter. Harbour Investments Inc.’s holdings in Palo Alto Networks were worth $663,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Palo Alto Networks by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after acquiring an additional 1,002,239 shares during the last quarter. Norges Bank bought a new position in Palo Alto Networks during the fourth quarter worth about $1,563,020,000. Clearbridge Investments LLC increased its stake in shares of Palo Alto Networks by 1.0% in the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after purchasing an additional 30,013 shares in the last quarter. Jennison Associates LLC raised its position in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Palo Alto Networks by 5.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,746,971 shares of the network technology company’s stock valued at $515,147,000 after purchasing an additional 84,151 shares during the period. 79.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein lifted their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Rosenblatt Securities raised their price target on Palo Alto Networks from $300.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. Robert W. Baird boosted their price objective on Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Friday, August 16th. Morgan Stanley increased their price objective on Palo Alto Networks from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Westpark Capital reaffirmed a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Palo Alto Networks presently has a consensus rating of “Moderate Buy” and an average target price of $363.49.

Insider Activity at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $293.31, for a total transaction of $10,559,160.00. Following the transaction, the executive vice president now directly owns 1,259,567 shares of the company’s stock, valued at $369,443,596.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the sale, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $293.31, for a total value of $10,559,160.00. Following the completion of the transaction, the executive vice president now directly owns 1,259,567 shares of the company’s stock, valued at approximately $369,443,596.77. The disclosure for this sale can be found here. Insiders have sold a total of 376,372 shares of company stock worth $121,925,593 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $350.44 on Thursday. Palo Alto Networks, Inc. has a 52-week low of $224.64 and a 52-week high of $380.84. The company’s 50 day moving average price is $331.38 and its 200-day moving average price is $310.58. The stock has a market capitalization of $113.47 billion, a price-to-earnings ratio of 50.94, a P/E/G ratio of 4.40 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 EPS. As a group, equities research analysts forecast that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Palo Alto Networks 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.