Glynn Capital Management LLC trimmed its holdings in Palo Alto Networks Inc (NYSE:PANW) by 9.8% during the fourth quarter, Holdings Channel reports. The fund owned 150,856 shares of the network technology company’s stock after selling 16,355 shares during the period. Palo Alto Networks accounts for 4.7% of Glynn Capital Management LLC’s investment portfolio, making the stock its 8th largest holding. Glynn Capital Management LLC’s holdings in Palo Alto Networks were worth $21,865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. WESPAC Advisors SoCal LLC grew its stake in Palo Alto Networks by 2.4% in the 2nd quarter. WESPAC Advisors SoCal LLC now owns 2,125 shares of the network technology company’s stock valued at $284,000 after acquiring an additional 50 shares during the last quarter. Nordea Investment Management AB grew its stake in Palo Alto Networks by 2.2% in the 2nd quarter. Nordea Investment Management AB now owns 2,607 shares of the network technology company’s stock valued at $349,000 after acquiring an additional 55 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Palo Alto Networks by 1.2% during the 2nd quarter. Principal Financial Group Inc. now owns 5,590 shares of the network technology company’s stock worth $748,000 after purchasing an additional 68 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its stake in shares of Palo Alto Networks by 1.4% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 5,198 shares of the network technology company’s stock worth $691,000 after purchasing an additional 70 shares during the last quarter. Finally, Glenview Trust Co boosted its stake in shares of Palo Alto Networks by 2.2% during the 2nd quarter. Glenview Trust Co now owns 4,600 shares of the network technology company’s stock worth $616,000 after purchasing an additional 100 shares during the last quarter. 79.98% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have issued reports on PANW. Dougherty & Co raised their price target on shares of Palo Alto Networks from $165.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, September 28th. Robert W. Baird reaffirmed a “hold” rating and set a $149.00 price target on shares of Palo Alto Networks in a research note on Thursday, September 28th. Oppenheimer reaffirmed a “buy” rating and set a $173.00 price target on shares of Palo Alto Networks in a research note on Thursday, September 28th. Maxim Group reaffirmed a “buy” rating and set a $195.00 price target (up from $168.00) on shares of Palo Alto Networks in a research note on Thursday, September 28th. Finally, BidaskClub cut shares of Palo Alto Networks from a “hold” rating to a “sell” rating in a research note on Thursday, September 21st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirty-two have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $164.89.

In related news, Director James J. Goetz sold 68,000 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $146.85, for a total value of $9,985,800.00. Following the transaction, the director now owns 203,645 shares in the company, valued at $29,905,268.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Mark Anderson sold 15,614 shares of Palo Alto Networks stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $144.16, for a total transaction of $2,250,914.24. Following the sale, the president now owns 186,413 shares in the company, valued at approximately $26,873,298.08. The disclosure for this sale can be found here. Insiders sold 354,644 shares of company stock worth $52,415,318 in the last 90 days. 4.80% of the stock is currently owned by insiders.

Palo Alto Networks Inc (PANW) opened at $153.52 on Tuesday. Palo Alto Networks Inc has a 1-year low of $107.31 and a 1-year high of $157.65. The company has a market cap of $14,106.79, a P/E ratio of -62.41 and a beta of 1.00.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings results on Monday, November 20th. The network technology company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.06. Palo Alto Networks had a negative net margin of 11.97% and a negative return on equity of 15.77%. The firm had revenue of $505.50 million for the quarter, compared to analyst estimates of $489.36 million. During the same quarter last year, the firm posted $0.55 earnings per share. Palo Alto Networks’s revenue for the quarter was up 27.0% compared to the same quarter last year. analysts forecast that Palo Alto Networks Inc will post -0.37 earnings per share for the current fiscal year.

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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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