Frank Rimerman Advisors LLC Purchases 3,288 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Frank Rimerman Advisors LLC raised its stake in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1,550.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,500 shares of the network technology company’s stock after buying an additional 3,288 shares during the period. Frank Rimerman Advisors LLC’s holdings in Palo Alto Networks were worth $1,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Profund Advisors LLC lifted its position in shares of Palo Alto Networks by 1.0% in the 2nd quarter. Profund Advisors LLC now owns 30,213 shares of the network technology company’s stock worth $10,243,000 after purchasing an additional 303 shares during the period. Hancock Whitney Corp lifted its position in shares of Palo Alto Networks by 26.4% in the 2nd quarter. Hancock Whitney Corp now owns 74,389 shares of the network technology company’s stock worth $25,219,000 after purchasing an additional 15,536 shares during the period. Alaethes Wealth LLC lifted its position in shares of Palo Alto Networks by 1.3% in the 2nd quarter. Alaethes Wealth LLC now owns 9,937 shares of the network technology company’s stock worth $3,369,000 after purchasing an additional 127 shares during the period. Tcwp LLC purchased a new stake in shares of Palo Alto Networks in the 2nd quarter worth approximately $238,000. Finally, Summit Trail Advisors LLC lifted its position in shares of Palo Alto Networks by 28.6% in the 2nd quarter. Summit Trail Advisors LLC now owns 3,032 shares of the network technology company’s stock worth $1,028,000 after purchasing an additional 675 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 2.0 %

NASDAQ:PANW opened at $340.12 on Monday. The company’s 50-day moving average price is $336.39 and its 200-day moving average price is $313.57. The company has a market cap of $110.13 billion, a P/E ratio of 49.44, a P/E/G ratio of 5.04 and a beta of 1.13. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84.

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

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the completion of the sale, the chief accounting officer now directly owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lee Klarich sold 125,866 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the completion of the transaction, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at approximately $55,791,570. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock worth $154,029,567 over the last three months. Insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PANW. Argus boosted their price objective on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Cantor Fitzgerald restated an “overweight” rating and set a $350.00 price target on shares of Palo Alto Networks in a research note on Monday, August 19th. Stifel Nicolaus upped their price target on shares of Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Redburn Atlantic lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and cut their price target for the company from $350.00 to $325.00 in a research note on Thursday, July 18th. Finally, Scotiabank upped their price target on shares of Palo Alto Networks from $385.00 to $400.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 20th. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and an average target price of $366.08.

About Palo Alto Networks

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.