California Public Employees Retirement System lowered its position in shares of Palo Alto Networks, Inc. (NYSE:PANW) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 144,400 shares of the network technology company’s stock after selling 6,300 shares during the period. California Public Employees Retirement System owned approximately 0.16% of Palo Alto Networks worth $16,271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Independent Advisor Alliance acquired a new position in Palo Alto Networks during the fourth quarter valued at about $115,000. WFG Advisors LP raised its position in Palo Alto Networks by 5.9% in the first quarter. WFG Advisors LP now owns 900 shares of the network technology company’s stock valued at $101,000 after buying an additional 50 shares during the period. Integrated Investment Consultants LLC acquired a new position in Palo Alto Networks during the first quarter valued at about $120,000. First Interstate Bank raised its position in Palo Alto Networks by 130.7% in the first quarter. First Interstate Bank now owns 1,375 shares of the network technology company’s stock valued at $155,000 after buying an additional 779 shares during the period. Finally, Diversified Trust Co raised its position in Palo Alto Networks by 5.9% in the first quarter. Diversified Trust Co now owns 1,853 shares of the network technology company’s stock valued at $209,000 after buying an additional 103 shares during the period. 80.60% of the stock is owned by institutional investors and hedge funds.

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

Shares of Palo Alto Networks, Inc. (NYSE:PANW) traded down 0.34% during mid-day trading on Friday, reaching $131.59. 1,273,571 shares of the company’s stock traded hands. The firm has a 50-day moving average of $122.78 and a 200 day moving average of $127.20. Palo Alto Networks, Inc. has a 12-month low of $107.31 and a 12-month high of $165.69. The company’s market cap is $12.08 billion.

Palo Alto Networks (NYSE:PANW) last issued its earnings results on Wednesday, May 31st. The network technology company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. The firm had revenue of $431.80 million during the quarter, compared to analyst estimates of $412.11 million. Palo Alto Networks had a negative net margin of 14.38% and a negative return on equity of 23.77%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the business earned $0.42 earnings per share. Equities analysts forecast that Palo Alto Networks, Inc. will post $2.59 EPS for the current year.

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PANW has been the subject of several recent research reports. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $173.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 23rd. Wells Fargo & Company reaffirmed an “outperform” rating and set a $185.00 price objective (down from $195.00) on shares of Palo Alto Networks in a research note on Friday, March 3rd. Zacks Investment Research raised shares of Palo Alto Networks from a “hold” rating to a “strong-buy” rating and set a $178.00 price objective on the stock in a research note on Tuesday, February 21st. TheStreet cut shares of Palo Alto Networks from a “c-” rating to a “d+” rating in a research note on Thursday, March 23rd. Finally, BMO Capital Markets upped their price objective on shares of Palo Alto Networks from $150.00 to $160.00 and gave the stock a “market perform” rating in a research note on Monday, February 27th. Nineteen investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $150.53.

About Palo Alto Networks

Palo Alto Networks, Inc offers a next-generation security platform. The Company’s security platform consists of three elements: Next-Generation Firewall, Advanced Endpoint Protection and Threat Intelligence Cloud. Its Next-Generation Firewall delivers application, user and content visibility and control, as well as protection against network-based cyber threats integrated within the firewall through its hardware and software architecture.

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