Palo Alto Networks Inc (PANW) Stake Increased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in Palo Alto Networks Inc (NYSE:PANW) by 37.1% in the first quarter, Holdings Channel reports. The institutional investor owned 8,078 shares of the network technology company’s stock after acquiring an additional 2,188 shares during the period. CIBC Asset Management Inc’s holdings in Palo Alto Networks were worth $1,962,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PANW. Norges Bank bought a new position in shares of Palo Alto Networks during the fourth quarter worth approximately $163,001,000. FMR LLC increased its stake in shares of Palo Alto Networks by 424.2% during the fourth quarter. FMR LLC now owns 326,709 shares of the network technology company’s stock worth $61,536,000 after purchasing an additional 264,384 shares during the period. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Palo Alto Networks during the fourth quarter worth approximately $44,262,000. MUFG Securities EMEA plc increased its stake in shares of Palo Alto Networks by 3,470.5% during the fourth quarter. MUFG Securities EMEA plc now owns 203,449 shares of the network technology company’s stock worth $38,320,000 after purchasing an additional 197,751 shares during the period. Finally, Flossbach Von Storch AG increased its stake in shares of Palo Alto Networks by 92.2% during the fourth quarter. Flossbach Von Storch AG now owns 387,080 shares of the network technology company’s stock worth $72,907,000 after purchasing an additional 185,649 shares during the period. 79.71% of the stock is owned by institutional investors.

Shares of PANW stock opened at $225.62 on Monday. The firm has a market capitalization of $21.15 billion, a price-to-earnings ratio of -410.22, a price-to-earnings-growth ratio of 10.09 and a beta of 0.84. Palo Alto Networks Inc has a fifty-two week low of $160.08 and a fifty-two week high of $260.63. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.87 and a current ratio of 1.87.

Palo Alto Networks (NYSE:PANW) last issued its earnings results on Tuesday, February 26th. The network technology company reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.20. The firm had revenue of $711.00 million for the quarter, compared to the consensus estimate of $682.32 million. Palo Alto Networks had a positive return on equity of 4.69% and a negative net margin of 3.47%. The company’s revenue was up 30.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.97 EPS. On average, analysts forecast that Palo Alto Networks Inc will post 0.96 earnings per share for the current year.

In other Palo Alto Networks news, Director Carl M. Eschenbach sold 3,385 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $241.90, for a total value of $818,831.50. Following the sale, the director now owns 4,359 shares of the company’s stock, valued at approximately $1,054,442.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mark D. Mclaughlin sold 42,850 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $246.78, for a total value of $10,574,523.00. Following the completion of the sale, the director now directly owns 208,071 shares in the company, valued at approximately $51,347,761.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 242,844 shares of company stock worth $58,586,545. Company insiders own 3.10% of the company’s stock.

A number of brokerages have recently weighed in on PANW. Jefferies Financial Group reiterated a “buy” rating and set a $296.00 target price on shares of Palo Alto Networks in a research note on Wednesday, February 27th. ValuEngine upgraded Palo Alto Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 4th. Morgan Stanley raised their price objective on Palo Alto Networks from $266.00 to $290.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 27th. Robert W. Baird raised their price objective on Palo Alto Networks from $250.00 to $265.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 20th. Finally, Wedbush upgraded Palo Alto Networks from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $225.00 to $265.00 in a research note on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Palo Alto Networks has a consensus rating of “Buy” and a consensus price target of $268.75.

COPYRIGHT VIOLATION NOTICE: “Palo Alto Networks Inc (PANW) Stake Increased by CIBC Asset Management Inc” was first posted by Baseball Daily News and is the sole property of of Baseball Daily News. If you are accessing this story on another publication, it was stolen and reposted in violation of United States and international copyright legislation. The correct version of this story can be accessed at https://www.baseballdailydigest.com/news/2019/05/20/palo-alto-networks-inc-panw-stake-increased-by-cibc-asset-management-inc.html.

Palo Alto Networks 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.

Featured Story: Benefits of owning preferred stock

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)

Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.