Miracle Mile Advisors LLC Boosts Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Miracle Mile Advisors LLC boosted its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,138 shares of the network technology company’s stock after purchasing an additional 482 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Palo Alto Networks were worth $1,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of PANW. GSG Advisors LLC raised its position in shares of Palo Alto Networks by 1.0% during the 4th quarter. GSG Advisors LLC now owns 5,160 shares of the network technology company’s stock valued at $1,478,000 after buying an additional 51 shares in the last quarter. Spirit of America Management Corp NY raised its position in shares of Palo Alto Networks by 50.0% during the 4th quarter. Spirit of America Management Corp NY now owns 300 shares of the network technology company’s stock valued at $88,000 after buying an additional 100 shares in the last quarter. Beacon Pointe Advisors LLC raised its position in shares of Palo Alto Networks by 31.4% during the 4th quarter. Beacon Pointe Advisors LLC now owns 112,040 shares of the network technology company’s stock valued at $33,038,000 after buying an additional 26,767 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Palo Alto Networks by 9.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,726 shares of the network technology company’s stock valued at $7,291,000 after buying an additional 2,225 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in Palo Alto Networks by 91.0% in the 1st quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock worth $478,000 after purchasing an additional 802 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. JMP Securities reiterated a “market outperform” rating and issued a $380.00 target price on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Sanford C. Bernstein lifted their target price on shares of Palo Alto Networks from $335.00 to $364.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. Morgan Stanley reiterated an “overweight” rating and issued a $360.00 target price on shares of Palo Alto Networks in a research report on Wednesday, June 12th. Macquarie raised their price target on shares of Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, May 21st. Finally, Wedbush reissued an “outperform” rating and issued a $375.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 21st. Twelve research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.29.

Insider Activity

In related news, President William D. Jenkins, Jr. sold 1,621 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the sale, the president now directly owns 20,501 shares in the company, valued at $6,292,166.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Palo Alto Networks news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the completion of the transaction, the director now directly owns 3,767 shares in the company, valued at $1,167,770. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President William D. Jenkins, Jr. sold 1,621 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $306.92, for a total transaction of $497,517.32. Following the completion of the transaction, the president now owns 20,501 shares of the company’s stock, valued at $6,292,166.92. The disclosure for this sale can be found here. Insiders sold 258,182 shares of company stock valued at $74,850,597 over the last three months. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW traded up $1.89 during mid-day trading on Monday, hitting $340.90. 2,379,226 shares of the company traded hands, compared to its average volume of 4,825,831. The stock has a 50-day moving average price of $307.06 and a two-hundred day moving average price of $307.11. Palo Alto Networks, Inc. has a 1 year low of $201.17 and a 1 year high of $380.84. The stock has a market cap of $110.38 billion, a price-to-earnings ratio of 49.55, a P/E/G ratio of 5.19 and a beta of 1.14.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. On average, analysts forecast that Palo Alto Networks, Inc. will post 2.94 EPS for the current year.

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.