Cherry Creek Investment Advisors Inc. Acquires 80 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

by · The Cerbat Gem

Cherry Creek Investment Advisors Inc. raised its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,492 shares of the network technology company’s stock after buying an additional 80 shares during the quarter. Cherry Creek Investment Advisors Inc.’s holdings in Palo Alto Networks were worth $255,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PANW. Brighton Jones LLC boosted its stake in shares of Palo Alto Networks by 147.7% in the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company’s stock valued at $1,230,000 after purchasing an additional 4,031 shares in the last quarter. Roanoke Asset Management Corp NY boosted its stake in shares of Palo Alto Networks by 100.0% in the 4th quarter. Roanoke Asset Management Corp NY now owns 1,530 shares of the network technology company’s stock valued at $278,000 after purchasing an additional 765 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in shares of Palo Alto Networks by 115.6% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company’s stock valued at $8,004,000 after purchasing an additional 23,586 shares in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Palo Alto Networks by 95.2% in the 4th quarter. Global Retirement Partners LLC now owns 7,340 shares of the network technology company’s stock valued at $1,336,000 after purchasing an additional 3,579 shares in the last quarter. Finally, Good Life Advisors LLC boosted its stake in shares of Palo Alto Networks by 57.9% in the 4th quarter. Good Life Advisors LLC now owns 1,167 shares of the network technology company’s stock valued at $212,000 after purchasing an additional 428 shares in the last quarter. Institutional investors own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Sanford C. Bernstein set a $225.00 target price on shares of Palo Alto Networks and gave the company an “outperform” rating in a research note on Wednesday, May 21st. Guggenheim restated a “sell” rating and issued a $130.00 target price on shares of Palo Alto Networks in a research note on Wednesday, May 21st. HSBC upgraded shares of Palo Alto Networks from a “reduce” rating to a “hold” rating and set a $156.00 price target on the stock in a research report on Thursday, April 10th. Wells Fargo & Company upped their price target on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group upped their price target on shares of Palo Alto Networks from $215.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $208.00.

Read Our Latest Report on PANW

Insider Buying and Selling

In related news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the completion of the sale, the executive vice president now directly owns 264,246 shares of the company’s stock, valued at approximately $51,564,964.44. This represents a 31.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $193.36, for a total value of $19,336,000.00. Following the sale, the executive vice president now directly owns 3,343,516 shares of the company’s stock, valued at approximately $646,502,253.76. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 789,736 shares of company stock valued at $139,837,528. 2.50% of the stock is owned by corporate insiders.

Palo Alto Networks Price Performance

Shares of PANW stock opened at $199.24 on Friday. The stock has a market cap of $132.85 billion, a PE ratio of 113.85, a price-to-earnings-growth ratio of 5.56 and a beta of 0.97. The stock has a 50-day moving average of $187.43 and a 200-day moving average of $185.20. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last announced its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the business posted $0.66 EPS. Palo Alto Networks’s revenue was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

About Palo Alto Networks

(Free Report)

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.

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