Riverpark Capital Management LLC Has $11.22 Million Stake in Palo Alto Networks Inc (PANW)

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Riverpark Capital Management LLC lifted its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 23.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,213 shares of the network technology company’s stock after acquiring an additional 8,735 shares during the quarter. Palo Alto Networks makes up 2.6% of Riverpark Capital Management LLC’s holdings, making the stock its 15th biggest holding. Riverpark Capital Management LLC’s holdings in Palo Alto Networks were worth $11,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Northern Trust Corp increased its holdings in Palo Alto Networks by 3.5% in the fourth quarter. Northern Trust Corp now owns 1,135,398 shares of the network technology company’s stock worth $213,853,000 after purchasing an additional 38,069 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its holdings in Palo Alto Networks by 11.1% in the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 1,131 shares of the network technology company’s stock worth $213,000 after purchasing an additional 113 shares in the last quarter. M&T Bank Corp increased its holdings in Palo Alto Networks by 0.9% in the fourth quarter. M&T Bank Corp now owns 17,460 shares of the network technology company’s stock worth $3,289,000 after purchasing an additional 154 shares in the last quarter. Premier Asset Management LLC increased its holdings in Palo Alto Networks by 1.4% in the fourth quarter. Premier Asset Management LLC now owns 68,585 shares of the network technology company’s stock worth $12,918,000 after purchasing an additional 945 shares in the last quarter. Finally, C J Advisory Inc bought a new stake in Palo Alto Networks in the first quarter worth approximately $30,000. Institutional investors own 81.16% of the company’s stock.

Shares of NYSE:PANW traded up $0.47 during mid-day trading on Monday, hitting $216.26. 1,261,180 shares of the company traded hands, compared to its average volume of 1,148,921. The stock has a market cap of $20.27 billion, a price-to-earnings ratio of -393.20, a PEG ratio of 9.67 and a beta of 0.84. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 1.31. Palo Alto Networks Inc has a 12-month low of $160.08 and a 12-month high of $260.63.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Tuesday, February 26th. The network technology company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.20. The company had revenue of $711.00 million for the quarter, compared to analysts’ expectations of $682.32 million. Palo Alto Networks had a positive return on equity of 4.69% and a negative net margin of 3.47%. Palo Alto Networks’s quarterly revenue was up 30.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, equities research analysts expect that Palo Alto Networks Inc will post 0.96 earnings per share for the current year.

In related news, EVP Lee Klarich sold 4,500 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $234.11, for a total transaction of $1,053,495.00. Following the transaction, the executive vice president now owns 295,449 shares of the company’s stock, valued at $69,167,565.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carl M. Eschenbach sold 3,385 shares of Palo Alto Networks stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $241.90, for a total value of $818,831.50. Following the transaction, the director now directly owns 4,359 shares in the company, valued at approximately $1,054,442.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 242,844 shares of company stock worth $58,586,545. 3.10% of the stock is owned by insiders.

A number of equities research analysts have weighed in on the company. Dougherty & Co reiterated a “buy” rating and issued a $300.00 target price (up from $260.00) on shares of Palo Alto Networks in a report on Wednesday, February 27th. Oppenheimer lifted their target price on Palo Alto Networks from $270.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, February 27th. Morgan Stanley lifted their target price on Palo Alto Networks from $266.00 to $290.00 and gave the stock an “overweight” rating in a report on Wednesday, February 27th. KeyCorp lifted their target price on Palo Alto Networks from $250.00 to $280.00 and gave the stock an “overweight” rating in a report on Wednesday, February 27th. Finally, Monness Crespi & Hardt reiterated a “buy” rating and issued a $280.00 target price (up from $235.00) on shares of Palo Alto Networks in a report on Wednesday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the stock. Palo Alto Networks currently has a consensus rating of “Buy” and a consensus price target of $268.45.

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

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