Granite Investment Partners LLC lowered its stake in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 6.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,113 shares of the network technology company’s stock after selling 4,487 shares during the period. Granite Investment Partners LLC’s holdings in Palo Alto Networks were worth $8,044,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. WFG Advisors LP raised its position in shares of Palo Alto Networks by 5.9% in the first quarter. WFG Advisors LP now owns 900 shares of the network technology company’s stock valued at $101,000 after buying an additional 50 shares during the period. Global X Management Co. LLC boosted its stake in shares of Palo Alto Networks by 31.9% in the first quarter. Global X Management Co. LLC now owns 939 shares of the network technology company’s stock valued at $106,000 after buying an additional 227 shares in the last quarter. First Interstate Bank boosted its stake in shares of Palo Alto Networks by 130.7% in the first quarter. First Interstate Bank now owns 1,375 shares of the network technology company’s stock valued at $155,000 after buying an additional 779 shares in the last quarter. OLD National Bancorp IN bought a new stake in shares of Palo Alto Networks during the second quarter valued at $201,000. Finally, North American Management Corp bought a new stake in shares of Palo Alto Networks during the second quarter valued at $215,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Shares of Palo Alto Networks, Inc. (PANW) opened at 127.72 on Friday. The company’s market cap is $11.73 billion. Palo Alto Networks, Inc. has a one year low of $107.31 and a one year high of $165.69. The company has a 50 day moving average price of $135.51 and a 200 day moving average price of $128.43.

Palo Alto Networks (NYSE:PANW) last released its earnings results on Wednesday, May 31st. The network technology company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.06. Palo Alto Networks had a negative return on equity of 23.77% and a negative net margin of 14.38%. The firm had revenue of $431.80 million for the quarter, compared to the consensus estimate of $412.11 million. During the same period in the prior year, the firm earned $0.42 EPS. The firm’s revenue was up 24.9% on a year-over-year basis. Equities analysts predict that Palo Alto Networks, Inc. will post $2.59 EPS for the current year.

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Several equities research analysts recently weighed in on the company. UBS AG restated a “neutral” rating and set a $140.00 target price (up from $130.00) on shares of Palo Alto Networks in a report on Monday, June 5th. Evercore ISI set a $140.00 target price on Palo Alto Networks and gave the company a “hold” rating in a report on Saturday, June 17th. BidaskClub cut Palo Alto Networks from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Vetr upgraded Palo Alto Networks from a “hold” rating to a “buy” rating and set a $138.40 target price for the company in a report on Monday, July 31st. Finally, Robert W. Baird restated a “hold” rating and set a $145.00 target price (up from $130.00) on shares of Palo Alto Networks in a report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. Palo Alto Networks has an average rating of “Buy” and a consensus price target of $150.94.

In related news, Director James J. Goetz sold 30,000 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $137.97, for a total value of $4,139,100.00. Following the transaction, the director now directly owns 271,645 shares of the company’s stock, valued at approximately $37,478,860.65. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.80% of the stock is owned by corporate insiders.

About Palo Alto Networks

Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.

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

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