Envestnet Asset Management Inc. Grows Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Envestnet Asset Management Inc. increased its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 522,340 shares of the network technology company’s stock after acquiring an additional 27,954 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Palo Alto Networks worth $177,079,000 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 PANW. Pathway Financial Advisers LLC purchased a new position in shares of Palo Alto Networks during the 1st quarter worth $25,000. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks during the fourth quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. raised its stake in shares of Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 96 shares during the period. Ulland Investment Advisors LLC acquired a new position in shares of Palo Alto Networks in the 1st quarter worth approximately $30,000. Finally, ICA Group Wealth Management LLC purchased a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PANW shares. UBS Group boosted their target price on Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Argus boosted their price objective on Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Evercore ISI raised their target price on Palo Alto Networks from $385.00 to $395.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Stifel Nicolaus boosted their price target on shares of Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, Barclays raised their price objective on shares of Palo Alto Networks from $350.00 to $370.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus price target of $366.08.

Insider Transactions at Palo Alto Networks

In related news, President William D. Jenkins, Jr. sold 1,475 shares of Palo Alto Networks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $339.12, for a total value of $500,202.00. Following the transaction, the president now directly owns 19,026 shares in the company, valued at approximately $6,452,097.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the sale, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,475 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $339.12, for a total value of $500,202.00. Following the transaction, the president now directly owns 19,026 shares in the company, valued at approximately $6,452,097.12. The disclosure for this sale can be found here. Insiders sold 464,075 shares of company stock worth $154,029,567 over the last 90 days. 3.30% of the stock is currently owned by insiders.

Palo Alto Networks Trading Up 0.5 %

Shares of NASDAQ PANW opened at $346.90 on Monday. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84. The stock has a 50 day moving average of $336.21 and a two-hundred day moving average of $312.13. The stock has a market cap of $112.95 billion, a P/E ratio of 50.42, a P/E/G ratio of 4.98 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, research analysts predict that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current 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.