Advisors Capital Management LLC Boosts Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Advisors Capital Management LLC raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 97.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 340,670 shares of the network technology company's stock after purchasing an additional 168,265 shares during the quarter. Palo Alto Networks comprises 1.0% of Advisors Capital Management LLC's holdings, making the stock its 21st biggest position. Advisors Capital Management LLC owned approximately 0.05% of Palo Alto Networks worth $61,988,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PANW. Sagespring Wealth Partners LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth approximately $970,000. Townsquare Capital LLC grew its position in Palo Alto Networks by 101.6% during the fourth quarter. Townsquare Capital LLC now owns 72,096 shares of the network technology company's stock valued at $13,119,000 after buying an additional 36,330 shares during the period. Cim Investment Management Inc. increased its holdings in Palo Alto Networks by 96.5% in the fourth quarter. Cim Investment Management Inc. now owns 5,178 shares of the network technology company's stock valued at $942,000 after buying an additional 2,543 shares in the last quarter. Cornerstone Enterprises LLC grew its position in shares of Palo Alto Networks by 29.9% during the 4th quarter. Cornerstone Enterprises LLC now owns 11,674 shares of the network technology company's stock valued at $2,124,000 after acquiring an additional 2,690 shares during the period. Finally, Nicolet Bankshares Inc. increased its stake in shares of Palo Alto Networks by 104.6% in the 4th quarter. Nicolet Bankshares Inc. now owns 11,828 shares of the network technology company's stock valued at $2,152,000 after purchasing an additional 6,048 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

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Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. UBS Group upped their price objective on shares of Palo Alto Networks from $190.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Barclays decreased their price target on shares of Palo Alto Networks from $425.00 to $213.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Loop Capital reduced their target price on Palo Alto Networks from $385.00 to $180.00 and set a "hold" rating for the company in a report on Tuesday, January 14th. Scotiabank lifted their price target on Palo Alto Networks from $200.00 to $225.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley set a $230.00 price objective on Palo Alto Networks in a research note on Tuesday, March 18th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $204.52.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 120,774 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $151.13, for a total value of $18,252,574.62. Following the completion of the sale, the executive vice president now owns 321,774 shares in the company, valued at approximately $48,629,704.62. This trade represents a 27.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the transaction, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,039,318 shares of company stock worth $181,925,602. Corporate insiders own 2.50% of the company's stock.

Palo Alto Networks Price Performance

Shares of PANW traded up $1.64 during mid-day trading on Monday, reaching $169.98. The company's stock had a trading volume of 5,098,383 shares, compared to its average volume of 5,901,559. Palo Alto Networks, Inc. has a 12-month low of $135.18 and a 12-month high of $208.39. The stock has a market cap of $112.54 billion, a PE ratio of 95.76, a price-to-earnings-growth ratio of 5.64 and a beta of 1.07. The company's 50 day moving average is $181.95 and its 200 day moving average is $184.92.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.06. The company had revenue of $2.26 billion for the quarter, compared to analysts' expectations of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. As a group, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal 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.