Harbour Investments Inc. Buys 33 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Harbour Investments Inc. lifted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,989 shares of the network technology company’s stock after acquiring an additional 33 shares during the quarter. Harbour Investments Inc.’s holdings in Palo Alto Networks were worth $680,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new stake in Palo Alto Networks in the 3rd quarter valued at about $1,156,000. Alpha Cubed Investments LLC lifted its holdings in Palo Alto Networks by 16.4% during the third quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after acquiring an additional 32,626 shares during the period. Handelsbanken Fonder AB boosted its position in Palo Alto Networks by 3.8% in the third quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock worth $67,232,000 after purchasing an additional 7,291 shares during the last quarter. Harvest Portfolios Group Inc. purchased a new stake in shares of Palo Alto Networks during the 3rd quarter valued at $24,414,000. Finally, Parsons Capital Management Inc. RI raised its stake in shares of Palo Alto Networks by 4.5% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 2,695 shares of the network technology company’s stock worth $914,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $344.98, for a total transaction of $20,698,800.00. Following the completion of the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at $54,854,924.82. This represents a 27.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the sale, the chief executive officer now owns 618,715 shares in the company, valued at approximately $227,680,932.85. This represents a 11.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,252 shares of company stock valued at $89,383,077. 2.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PANW has been the subject of several research reports. BNP Paribas began coverage on shares of Palo Alto Networks in a report on Tuesday, October 8th. They set an “outperform” rating and a $410.00 price objective for the company. Barclays lifted their price target on shares of Palo Alto Networks from $410.00 to $425.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Westpark Capital reissued a “hold” rating on shares of Palo Alto Networks in a report on Tuesday, August 20th. Northland Securities boosted their target price on Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a research note on Tuesday, August 20th. Finally, Sanford C. Bernstein increased their price target on Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $381.56.

Palo Alto Networks Stock Performance

PANW stock opened at $387.00 on Friday. The firm has a market cap of $126.01 billion, a P/E ratio of 53.43, a P/E/G ratio of 5.84 and a beta of 1.12. The firm’s fifty day moving average is $358.84 and its 200 day moving average is $335.42. Palo Alto Networks, Inc. has a 52 week low of $234.15 and a 52 week high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company’s quarterly revenue 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, analysts forecast that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Palo Alto Networks Company 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.