Miracle Mile Advisors LLC Acquires 63 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Miracle Mile Advisors LLC grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,201 shares of the network technology company’s stock after purchasing an additional 63 shares during the period. Miracle Mile Advisors LLC’s holdings in Palo Alto Networks were worth $1,763,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Palo Alto Networks by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock worth $8,118,190,000 after acquiring an additional 1,002,239 shares during the last quarter. Norges Bank bought a new stake in Palo Alto Networks during the 4th quarter worth $1,563,020,000. Clearbridge Investments LLC grew its position in Palo Alto Networks by 1.0% during the 4th quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after acquiring an additional 30,013 shares during the last quarter. Jennison Associates LLC grew its position in Palo Alto Networks by 7.6% during the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock worth $799,792,000 after acquiring an additional 198,078 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Palo Alto Networks by 5.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,746,971 shares of the network technology company’s stock worth $515,147,000 after acquiring an additional 84,151 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction dated 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 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 Securities & Exchange Commission, which is accessible through this link. In other news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $293.31, for a total transaction of $10,559,160.00. Following the completion of the transaction, the executive vice president now directly owns 1,259,567 shares in the company, valued at $369,443,596.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares of the company’s stock, valued at $8,443,916. The disclosure for this sale can be found here. Insiders sold 367,315 shares of company stock worth $118,696,590 over the last three months. Company insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wedbush reaffirmed an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a report on Friday. Citigroup lifted their target price on Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a report on Wednesday. BMO Capital Markets lifted their target price on Palo Alto Networks from $327.00 to $334.00 and gave the stock an “outperform” rating in a report on Tuesday, May 21st. Stifel Nicolaus lifted their target price on Palo Alto Networks from $330.00 to $360.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, Barclays lifted their target price on Palo Alto Networks from $325.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $331.63.

Palo Alto Networks Trading Down 2.7 %

Shares of NASDAQ:PANW traded down $9.16 on Friday, reaching $334.11. 4,533,366 shares of the company traded hands, compared to its average volume of 4,365,195. The business’s 50-day simple moving average is $326.31 and its 200 day simple moving average is $311.09. Palo Alto Networks, Inc. has a 52 week low of $201.17 and a 52 week high of $380.84. The stock has a market capitalization of $108.18 billion, a P/E ratio of 48.56, a price-to-earnings-growth ratio of 4.36 and a beta of 1.14.

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