Palo Alto Networks Inc (PANW) Position Reduced by Voya Investment Management LLC

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Voya Investment Management LLC lessened its position in Palo Alto Networks Inc (NYSE:PANW) by 11.4% in the second quarter, HoldingsChannel.com reports. The fund owned 1,459,005 shares of the network technology company’s stock after selling 187,667 shares during the quarter. Palo Alto Networks makes up approximately 0.6% of Voya Investment Management LLC’s holdings, making the stock its 21st largest holding. Voya Investment Management LLC’s holdings in Palo Alto Networks were worth $299,782,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can grew its stake in Palo Alto Networks by 193.7% in the second quarter. Bank of Montreal Can now owns 545,383 shares of the network technology company’s stock valued at $112,061,000 after acquiring an additional 359,685 shares during the period. Atria Investments LLC grew its stake in Palo Alto Networks by 37.0% in the second quarter. Atria Investments LLC now owns 3,289 shares of the network technology company’s stock valued at $676,000 after acquiring an additional 889 shares during the period. Engineers Gate Manager LP grew its stake in Palo Alto Networks by 11.9% in the first quarter. Engineers Gate Manager LP now owns 40,984 shares of the network technology company’s stock valued at $7,439,000 after acquiring an additional 4,358 shares during the period. IBM Retirement Fund acquired a new stake in Palo Alto Networks in the first quarter valued at approximately $480,000. Finally, Montecito Bank & Trust grew its stake in Palo Alto Networks by 69.7% in the second quarter. Montecito Bank & Trust now owns 1,887 shares of the network technology company’s stock valued at $388,000 after acquiring an additional 775 shares during the period. 81.59% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on PANW. JPMorgan Chase & Co. lifted their target price on Palo Alto Networks to $282.00 and gave the company an “overweight” rating in a research report on Friday. Raymond James lifted their target price on Palo Alto Networks from $240.00 to $254.00 and gave the company an “outperform” rating in a research report on Wednesday. Royal Bank of Canada lifted their target price on Palo Alto Networks to $250.00 in a research report on Friday. Evercore ISI reaffirmed a “buy” rating and set a $270.00 target price on shares of Palo Alto Networks in a research report on Friday. Finally, Jefferies Financial Group lifted their target price on Palo Alto Networks to $267.00 and gave the company a “buy” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. Palo Alto Networks currently has a consensus rating of “Buy” and an average target price of $229.74.

Palo Alto Networks stock traded up $12.22 during mid-day trading on Friday, reaching $232.59. 43,961 shares of the company’s stock were exchanged, compared to its average volume of 1,205,980. The firm has a market capitalization of $20.64 billion, a P/E ratio of -136.02, a price-to-earnings-growth ratio of 19.85 and a beta of 0.83. Palo Alto Networks Inc has a one year low of $135.85 and a one year high of $232.88.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Thursday, September 6th. The network technology company reported $1.28 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.11. The business had revenue of $658.10 million for the quarter, compared to analyst estimates of $634.14 million. Palo Alto Networks had a negative return on equity of 8.51% and a negative net margin of 8.65%. Palo Alto Networks’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period last year, the company posted $0.92 earnings per share. research analysts anticipate that Palo Alto Networks Inc will post -0.27 EPS for the current fiscal year.

In other news, CEO Nikesh Arora bought 24,905 shares of the stock in a transaction on Friday, June 15th. The shares were purchased at an average cost of $214.42 per share, for a total transaction of $5,340,130.10. Following the completion of the purchase, the chief executive officer now directly owns 232,152 shares in the company, valued at approximately $49,778,031.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kathleen Bonanno sold 5,818 shares of the business’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $199.61, for a total value of $1,161,330.98. Following the completion of the sale, the chief financial officer now owns 42,780 shares in the company, valued at $8,539,315.80. The disclosure for this sale can be found here. Insiders have sold 242,662 shares of company stock worth $49,447,386 over the last quarter. 4.80% of the stock is currently owned by corporate insiders.

Palo Alto Networks Profile

Palo Alto Networks, Inc provides security platform solutions worldwide. Its platform includes Next-Generation Firewall that delivers application, user, and content visibility and control, as well as protection against network-based cyber threats; Advanced Endpoint Protection, which prevents cyber-attacks that exploit software vulnerabilities on various fixed, mobile, and virtual endpoints and servers; and Threat Intelligence Cloud, which offers central intelligence capabilities, security for software as a service applications, and automated delivery of preventative measures against cyber-attacks.

Further Reading: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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