Summit Trail Advisors LLC Has $1.03 Million Stake in Palo Alto Networks, Inc. (NASDAQ:PANW)

Summit Trail Advisors LLC boosted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 28.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,032 shares of the network technology company’s stock after acquiring an additional 675 shares during the quarter. Summit Trail Advisors LLC’s holdings in Palo Alto Networks were worth $1,028,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sunbelt Securities Inc. lifted its holdings in Palo Alto Networks by 91.0% during the 1st quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after purchasing an additional 802 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after acquiring an additional 198,078 shares during the last quarter. Brookstone Capital Management raised its stake in shares of Palo Alto Networks by 48.4% in the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock valued at $7,502,000 after acquiring an additional 8,611 shares during the last quarter. Wealthspire Advisors LLC boosted its holdings in shares of Palo Alto Networks by 1.7% in the 1st quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock worth $1,244,000 after acquiring an additional 75 shares in the last quarter. Finally, Connectus Wealth LLC grew its position in Palo Alto Networks by 22.8% during the 4th quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock worth $12,920,000 after acquiring an additional 8,132 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $339.12, for a total transaction of $500,202.00. Following the completion of the transaction, the president now owns 19,026 shares of the company’s stock, valued at approximately $6,452,097.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Palo Alto Networks news, President William D. Jenkins, Jr. sold 1,475 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $339.12, for a total transaction of $500,202.00. Following the sale, the president now directly owns 19,026 shares of the company’s stock, valued at approximately $6,452,097.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the completion of the sale, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $54,854,924.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is owned by insiders.

Palo Alto Networks Stock Up 2.0 %

Shares of PANW stock opened at $340.12 on Friday. Palo Alto Networks, Inc. has a 12-month low of $224.64 and a 12-month high of $380.84. The firm has a fifty day moving average of $336.39 and a 200-day moving average of $313.33. The company has a market capitalization of $110.13 billion, a price-to-earnings ratio of 49.44, a P/E/G ratio of 5.04 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, equities analysts expect that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Wall Street Analysts Forecast Growth

PANW has been the subject of several research analyst reports. Needham & Company LLC lifted their price objective on Palo Alto Networks from $345.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JMP Securities reiterated a “market outperform” rating and set a $380.00 price target on shares of Palo Alto Networks in a research report on Tuesday, August 20th. Morgan Stanley increased their price objective on shares of Palo Alto Networks from $360.00 to $390.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Evercore ISI boosted their target price on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $350.00 price target on shares of Palo Alto Networks in a research note on Monday, August 19th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $366.08.

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.