Palo Alto Networks Inc (PANW) Shares Sold by Montecito Bank & Trust

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Montecito Bank & Trust cut its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 57.0% during the 4th quarter, HoldingsChannel reports. The fund owned 1,412 shares of the network technology company’s stock after selling 1,875 shares during the period. Montecito Bank & Trust’s holdings in Palo Alto Networks were worth $266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. boosted its stake in Palo Alto Networks by 26.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 262 shares of the network technology company’s stock worth $49,000 after acquiring an additional 55 shares in the last quarter. Optimum Investment Advisors bought a new position in Palo Alto Networks during the fourth quarter worth $75,000. North Star Investment Management Corp. boosted its stake in Palo Alto Networks by 28.6% during the fourth quarter. North Star Investment Management Corp. now owns 450 shares of the network technology company’s stock worth $85,000 after acquiring an additional 100 shares in the last quarter. First Manhattan Co. bought a new position in Palo Alto Networks during the third quarter worth $106,000. Finally, Shine Investment Advisory Services Inc. boosted its stake in Palo Alto Networks by 154.8% during the fourth quarter. Shine Investment Advisory Services Inc. now owns 479 shares of the network technology company’s stock worth $90,000 after acquiring an additional 291 shares in the last quarter. 80.63% of the stock is currently owned by institutional investors and hedge funds.

NYSE PANW opened at $223.86 on Tuesday. Palo Alto Networks Inc has a 52-week low of $153.43 and a 52-week high of $239.50. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.10 and a quick ratio of 2.10. The stock has a market cap of $21.31 billion, a P/E ratio of -407.02, a P/E/G ratio of 13.47 and a beta of 0.91.

Palo Alto Networks (NYSE:PANW) last posted its quarterly earnings data on Thursday, November 29th. The network technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Palo Alto Networks had a negative net margin of 5.04% and a negative return on equity of 1.72%. The business had revenue of $656.00 million during the quarter, compared to the consensus estimate of $632.16 million. During the same quarter last year, the company posted $0.74 earnings per share. The firm’s quarterly revenue was up 30.7% compared to the same quarter last year. On average, equities research analysts anticipate that Palo Alto Networks Inc will post 0.71 EPS for the current year.

A number of research analysts have weighed in on PANW shares. Zacks Investment Research lowered shares of Palo Alto Networks from a “buy” rating to a “hold” rating in a research note on Thursday, February 7th. ValuEngine raised shares of Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 4th. Wedbush raised shares of Palo Alto Networks from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $225.00 to $265.00 in a research note on Thursday, January 24th. UBS Group raised shares of Palo Alto Networks from a “neutral” rating to a “buy” rating and set a $250.00 price objective on the stock in a research note on Tuesday, January 22nd. Finally, BMO Capital Markets raised shares of Palo Alto Networks from a “market perform” rating to an “outperform” rating and set a $240.00 price objective on the stock in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirty-three have given a buy rating and three have issued a strong buy rating to the company. Palo Alto Networks presently has an average rating of “Buy” and a consensus price target of $244.76.

In other Palo Alto Networks news, EVP Lee Klarich sold 4,500 shares of the stock in a transaction dated Tuesday, December 11th. The shares were sold at an average price of $185.00, for a total transaction of $832,500.00. Following the completion of the transaction, the executive vice president now owns 327,483 shares in the company, valued at $60,584,355. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nir Zuk sold 30,000 shares of the stock in a transaction dated Friday, December 7th. The stock was sold at an average price of $177.48, for a total transaction of $5,324,400.00. Following the transaction, the executive vice president now owns 1,076,683 shares of the company’s stock, valued at approximately $191,089,698.84. The disclosure for this sale can be found here. Insiders have sold 157,024 shares of company stock valued at $31,265,111 in the last quarter. Company insiders own 3.10% of the company’s stock.

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About Palo Alto Networks

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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Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).

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

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