Price T Rowe Associates Inc. MD Purchases 222,394 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Price T Rowe Associates Inc. MD increased its position in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) by 111.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 422,572 shares of the network technology company’s stock after purchasing an additional 222,394 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.14% of Palo Alto Networks worth $69,214,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Primecap Management Co. CA raised its holdings in shares of Palo Alto Networks by 197.9% in the 3rd quarter. Primecap Management Co. CA now owns 539,462 shares of the network technology company’s stock valued at $88,358,000 after purchasing an additional 358,353 shares during the period. Pearl River Capital LLC raised its holdings in shares of Palo Alto Networks by 711.7% in the 3rd quarter. Pearl River Capital LLC now owns 19,441 shares of the network technology company’s stock valued at $3,184,000 after purchasing an additional 17,046 shares during the period. Quest Investment Management LLC raised its holdings in shares of Palo Alto Networks by 211.0% in the 3rd quarter. Quest Investment Management LLC now owns 70,881 shares of the network technology company’s stock valued at $11,610,000 after purchasing an additional 48,092 shares during the period. Quadrature Capital Ltd acquired a new position in Palo Alto Networks in the 3rd quarter valued at about $3,766,000. Finally, KWB Wealth grew its stake in Palo Alto Networks by 159.3% in the 3rd quarter. KWB Wealth now owns 1,737 shares of the network technology company’s stock valued at $285,000 after buying an additional 1,067 shares during the last quarter. 81.82% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Nikesh Arora sold 6,651 shares of the firm’s stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $191.74, for a total transaction of $1,275,262.74. Following the completion of the transaction, the chief executive officer now owns 1,228,472 shares of the company’s stock, valued at $235,547,221.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Dipak Golechha sold 2,000 shares of the stock in a transaction on Friday, March 3rd. The shares were sold at an average price of $190.15, for a total transaction of $380,300.00. Following the completion of the sale, the chief financial officer now directly owns 75,607 shares in the company, valued at $14,376,671.05. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Nikesh Arora sold 6,651 shares of the stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $191.74, for a total transaction of $1,275,262.74. Following the sale, the chief executive officer now owns 1,228,472 shares of the company’s stock, valued at $235,547,221.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,089 shares of company stock valued at $19,017,662. Insiders own 3.90% of the company’s stock.

Palo Alto Networks Stock Performance

PANW stock opened at $185.90 on Tuesday. The company has a fifty day moving average price of $162.79 and a 200-day moving average price of $161.95. The company has a market capitalization of $56.26 billion, a P/E ratio of 2,535.12, a PEG ratio of 5.10 and a beta of 1.16. Palo Alto Networks, Inc. has a 52-week low of $132.22 and a 52-week high of $213.63.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PANW. MKM Partners decreased their price target on shares of Palo Alto Networks from $250.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, November 15th. BMO Capital Markets upped their price target on shares of Palo Alto Networks from $220.00 to $228.00 and gave the company an “outperform” rating in a research note on Wednesday, February 22nd. Jefferies Financial Group upped their price target on shares of Palo Alto Networks from $195.00 to $215.00 and gave the company a “buy” rating in a research note on Wednesday, February 22nd. Oppenheimer upped their price target on shares of Palo Alto Networks from $200.00 to $220.00 in a research note on Friday, November 18th. Finally, KeyCorp increased their target price on shares of Palo Alto Networks from $210.00 to $230.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 22nd. Five investment analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.77.

About Palo Alto Networks

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Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.

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

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