Palo Alto Networks, Inc. (NYSE:PANW) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its position in Palo Alto Networks, Inc. (NYSE:PANW) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 254,374 shares of the network technology company’s stock after selling 5,479 shares during the period. California Public Employees Retirement System’s holdings in Palo Alto Networks were worth $94,385,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Palo Alto Networks by 2.1% in the first quarter. Principal Financial Group Inc. now owns 11,586 shares of the network technology company’s stock valued at $3,731,000 after purchasing an additional 237 shares during the period. FineMark National Bank & Trust raised its holdings in shares of Palo Alto Networks by 7.2% in the 1st quarter. FineMark National Bank & Trust now owns 742 shares of the network technology company’s stock valued at $239,000 after buying an additional 50 shares during the period. Quadrant Capital Group LLC increased its holdings in Palo Alto Networks by 34.7% during the 1st quarter. Quadrant Capital Group LLC now owns 396 shares of the network technology company’s stock worth $128,000 after purchasing an additional 102 shares during the period. Ensign Peak Advisors Inc increased its holdings in Palo Alto Networks by 31.5% during the 1st quarter. Ensign Peak Advisors Inc now owns 5,565 shares of the network technology company’s stock worth $1,792,000 after purchasing an additional 1,334 shares during the period. Finally, Prudential Financial Inc. increased its holdings in Palo Alto Networks by 8.2% during the 1st quarter. Prudential Financial Inc. now owns 7,171 shares of the network technology company’s stock worth $2,310,000 after purchasing an additional 545 shares during the period. 82.39% of the stock is currently owned by institutional investors.

In related news, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction dated Friday, October 1st. The shares were sold at an average price of $480.91, for a total transaction of $5,770,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark D. Mclaughlin sold 1,500 shares of Palo Alto Networks stock in a transaction dated Tuesday, August 3rd. The stock was sold at an average price of $400.55, for a total transaction of $600,825.00. Following the sale, the director now directly owns 53,883 shares of the company’s stock, valued at approximately $21,582,835.65. The disclosure for this sale can be found here. In the last three months, insiders sold 42,753 shares of company stock valued at $19,418,103. Insiders own 2.30% of the company’s stock.

Shares of NYSE:PANW opened at $504.49 on Thursday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. Palo Alto Networks, Inc. has a 12 month low of $219.34 and a 12 month high of $510.00. The company’s fifty day simple moving average is $448.89 and its 200 day simple moving average is $393.59. The firm has a market cap of $49.14 billion, a price-to-earnings ratio of -97.39 and a beta of 1.40.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Sunday, August 22nd. The network technology company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.16. Palo Alto Networks had a negative net margin of 11.72% and a negative return on equity of 17.08%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business earned $1.48 EPS. The company’s revenue was up 28.3% compared to the same quarter last year. Research analysts expect that Palo Alto Networks, Inc. will post -0.47 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on the company. JMP Securities reaffirmed a “buy” rating and set a $550.00 price objective (up from $455.00) on shares of Palo Alto Networks in a research report on Tuesday, September 14th. The Goldman Sachs Group upped their price objective on Palo Alto Networks from $515.00 to $535.00 and gave the stock a “buy” rating in a research report on Monday, September 13th. Barclays upped their price objective on Palo Alto Networks from $535.00 to $615.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 14th. Cowen upped their price objective on Palo Alto Networks from $425.00 to $475.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 24th. Finally, KeyCorp upped their target price on Palo Alto Networks from $469.00 to $507.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $510.19.

Palo Alto Networks Company Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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

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