Commerce Bank Grows Stake in Palo Alto Networks Inc (NYSE:PANW)

Commerce Bank lifted its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 5.0% in the first quarter, Holdings Channel reports. The firm owned 34,627 shares of the network technology company’s stock after buying an additional 1,654 shares during the period. Commerce Bank’s holdings in Palo Alto Networks were worth $5,678,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Howard Wealth Management LLC acquired a new position in Palo Alto Networks during the fourth quarter worth about $25,000. Clean Yield Group acquired a new position in Palo Alto Networks in the 1st quarter valued at about $30,000. Keebeck Wealth Management LLC acquired a new position in Palo Alto Networks in the 4th quarter valued at about $37,000. Farmers & Merchants Investments Inc. boosted its holdings in Palo Alto Networks by 2,150.0% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 225 shares of the network technology company’s stock valued at $37,000 after purchasing an additional 215 shares during the last quarter. Finally, Advisory Alpha LLC boosted its holdings in Palo Alto Networks by 1,153.8% in the 4th quarter. Advisory Alpha LLC now owns 163 shares of the network technology company’s stock valued at $39,000 after purchasing an additional 150 shares during the last quarter. 77.99% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have weighed in on PANW shares. Wells Fargo & Co boosted their target price on shares of Palo Alto Networks from $225.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America restated a “neutral” rating and issued a $255.00 price objective (up from $200.00) on shares of Palo Alto Networks in a report on Friday. Goldman Sachs Group upped their price objective on shares of Palo Alto Networks from $219.00 to $250.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. lowered shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $284.00 to $236.00 in a report on Tuesday, February 25th. Finally, BTIG Research initiated coverage on shares of Palo Alto Networks in a report on Friday, March 27th. They issued a “neutral” rating on the stock. Twelve investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $254.48.

NYSE PANW opened at $237.93 on Friday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.78 and a quick ratio of 1.78. The firm’s fifty day moving average price is $195.88 and its 200 day moving average price is $214.24. The company has a market capitalization of $22.88 billion, a price-to-earnings ratio of -100.82 and a beta of 1.14. Palo Alto Networks Inc has a 12 month low of $125.47 and a 12 month high of $251.10.

Palo Alto Networks (NYSE:PANW) last posted its earnings results on Thursday, May 21st. The network technology company reported $1.17 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.37) by $1.54. The firm had revenue of $869.40 million for the quarter, compared to the consensus estimate of $831.52 million. Palo Alto Networks had a negative net margin of 7.01% and a negative return on equity of 5.65%. The company’s revenue was up 19.7% on a year-over-year basis. During the same period last year, the firm posted $1.31 EPS. As a group, sell-side analysts forecast that Palo Alto Networks Inc will post -0.77 earnings per share for the current year.

In related news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $194.20, for a total transaction of $2,330,400.00. Following the completion of the sale, the executive vice president now owns 986,875 shares in the company, valued at approximately $191,651,125. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Donovan purchased 8,102 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were acquired at an average price of $185.35 per share, with a total value of $1,501,705.70. Following the purchase, the director now owns 11,222 shares in the company, valued at $2,079,997.70. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.

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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