BB&T Corp trimmed its holdings in Palo Alto Networks Inc (NYSE:PANW) by 31.4% during the third quarter, HoldingsChannel.com reports. The fund owned 3,959 shares of the network technology company’s stock after selling 1,811 shares during the period. BB&T Corp’s holdings in Palo Alto Networks were worth $807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
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Several other institutional investors have also made changes to their positions in PANW. Capital Investment Advisory Services LLC grew its position in Palo Alto Networks by 322.6% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 131 shares of the network technology company’s stock valued at $27,000 after buying an additional 100 shares during the last quarter. Tower Research Capital LLC TRC purchased a new position in Palo Alto Networks in the 2nd quarter valued at $30,000. CSat Investment Advisory L.P. purchased a new position in Palo Alto Networks in the 2nd quarter valued at $33,000. Cypress Capital Management LLC WY purchased a new position in Palo Alto Networks in the 2nd quarter valued at $51,000. Finally, Commonwealth Bank of Australia grew its position in Palo Alto Networks by 35.3% in the 2nd quarter. Commonwealth Bank of Australia now owns 253 shares of the network technology company’s stock valued at $49,000 after buying an additional 66 shares during the last quarter. 78.77% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Mark D. Mclaughlin sold 40,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $207.78, for a total value of $8,311,200.00. Following the sale, the director now directly owns 240,236 shares in the company, valued at approximately $49,916,236.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $210.66, for a total transaction of $2,527,920.00. Following the completion of the sale, the executive vice president now owns 924,695 shares in the company, valued at $194,796,248.70. The disclosure for this sale can be found here. Insiders sold a total of 77,610 shares of company stock worth $16,437,971 over the last quarter. Insiders own 2.30% of the company’s stock.
Shares of NYSE PANW opened at $236.93 on Friday. The firm has a market capitalization of $22.68 billion, a P/E ratio of 376.08 and a beta of 0.99. Palo Alto Networks Inc has a one year low of $160.08 and a one year high of $260.63. The company’s fifty day moving average is $215.88 and its two-hundred day moving average is $215.76. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.78 and a current ratio of 1.78.
Palo Alto Networks (NYSE:PANW) last released its quarterly earnings data on Wednesday, September 4th. The network technology company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.08). Palo Alto Networks had a positive return on equity of 4.82% and a negative net margin of 2.82%. The business had revenue of $805.80 million during the quarter, compared to analysts’ expectations of $803.56 million. During the same quarter in the prior year, the firm earned $1.28 earnings per share. Palo Alto Networks’s quarterly revenue was up 22.4% on a year-over-year basis. On average, sell-side analysts forecast that Palo Alto Networks Inc will post -0.05 earnings per share for the current fiscal year.
A number of equities analysts recently weighed in on PANW shares. JPMorgan Chase & Co. lifted their price objective on shares of Palo Alto Networks from $270.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Wedbush reiterated a “buy” rating and issued a $275.00 price objective on shares of Palo Alto Networks in a research report on Thursday, September 5th. Piper Jaffray Companies started coverage on shares of Palo Alto Networks in a research report on Friday. They issued a “neutral” rating and a $270.00 price objective on the stock. BMO Capital Markets lowered their price objective on shares of Palo Alto Networks from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Maxim Group lifted their price objective on shares of Palo Alto Networks from $304.00 to $316.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $261.03.
Palo Alto Networks Company Profile
Palo Alto Networks, Inc provides security platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances deployed on an end-customer's network as a virtual or a physical appliance; and Virtual System Upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
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