Sitrin Capital Management LLC Buys 65 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Sitrin Capital Management LLC lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,988 shares of the network technology company’s stock after acquiring an additional 65 shares during the quarter. Palo Alto Networks makes up 2.2% of Sitrin Capital Management LLC’s holdings, making the stock its 27th biggest holding. Sitrin Capital Management LLC’s holdings in Palo Alto Networks were worth $4,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Jacobs & Co. CA boosted its position in Palo Alto Networks by 9.7% during the second quarter. Jacobs & Co. CA now owns 13,710 shares of the network technology company’s stock valued at $4,647,000 after acquiring an additional 1,207 shares during the last quarter. Carr Financial Group Corp bought a new stake in shares of Palo Alto Networks during the 2nd quarter valued at about $232,000. Ignite Planners LLC grew its stake in Palo Alto Networks by 33.0% during the second quarter. Ignite Planners LLC now owns 2,893 shares of the network technology company’s stock worth $990,000 after purchasing an additional 717 shares during the period. Bond & Devick Financial Network Inc. increased its holdings in Palo Alto Networks by 2.7% in the second quarter. Bond & Devick Financial Network Inc. now owns 1,805 shares of the network technology company’s stock worth $612,000 after purchasing an additional 47 shares in the last quarter. Finally, Wealth Management Partners LLC lifted its stake in Palo Alto Networks by 97.4% in the second quarter. Wealth Management Partners LLC now owns 4,031 shares of the network technology company’s stock valued at $1,367,000 after buying an additional 1,989 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $47,055,533.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President William D. Jenkins, Jr. sold 1,621 shares of Palo Alto Networks stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the sale, the president now directly owns 20,501 shares of the company’s stock, valued at approximately $6,292,166.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the transaction, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $47,055,533.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,315 shares of company stock valued at $118,696,590. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock traded up $14.11 during trading hours on Friday, reaching $331.48. The company had a trading volume of 2,820,115 shares, compared to its average volume of 2,600,238. Palo Alto Networks, Inc. has a one year low of $201.17 and a one year high of $380.84. The firm has a market cap of $107.33 billion, a PE ratio of 48.18, a price-to-earnings-growth ratio of 3.98 and a beta of 1.14. The business has a fifty day simple moving average of $322.23 and a 200 day simple moving average of $311.07.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company earned $0.38 EPS. The firm’s revenue was up 15.3% compared to the same quarter last year. On average, research analysts forecast that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PANW. JPMorgan Chase & Co. upped their price objective on shares of Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Royal Bank of Canada reduced their price objective on Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating for the company in a research note on Tuesday, May 21st. KeyCorp lowered their target price on Palo Alto Networks from $384.00 to $380.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Wedbush reissued an “outperform” rating and issued a $375.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Finally, Oppenheimer restated an “outperform” rating and set a $330.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 21st. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $325.71.

About Palo Alto Networks

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.