Millennium Management LLC increased its stake in shares of Palo Alto Networks Inc (NYSE:PANW) by 335.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 803,544 shares of the network technology company’s stock after buying an additional 619,215 shares during the period. Millennium Management LLC’s holdings in Palo Alto Networks were worth $116,466,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of PANW. Cerebellum GP LLC purchased a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $127,000. SeaCrest Wealth Management LLC purchased a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $192,000. Commerce Bank purchased a new position in shares of Palo Alto Networks during the 3rd quarter worth approximately $221,000. First Mercantile Trust Co. purchased a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $226,000. Finally, ACG Wealth purchased a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $226,000. 82.12% of the stock is owned by hedge funds and other institutional investors.
In other Palo Alto Networks news, CEO Mark D. Mclaughlin sold 35,000 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $149.50, for a total transaction of $5,232,500.00. Following the transaction, the chief executive officer now directly owns 348,901 shares of the company’s stock, valued at approximately $52,160,699.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nir Zuk sold 23,603 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $148.04, for a total transaction of $3,494,188.12. Following the transaction, the executive vice president now directly owns 1,467,309 shares in the company, valued at $217,220,424.36. The disclosure for this sale can be found here. Insiders have sold a total of 419,603 shares of company stock worth $65,527,618 over the last three months. 4.80% of the stock is currently owned by insiders.
Shares of Palo Alto Networks Inc (NYSE:PANW) opened at $188.45 on Thursday. Palo Alto Networks Inc has a one year low of $107.31 and a one year high of $191.53. The company has a market cap of $17,289.52, a price-to-earnings ratio of -86.84 and a beta of 0.91.
A number of equities research analysts have issued reports on PANW shares. Evercore ISI set a $145.00 target price on shares of Palo Alto Networks and gave the stock a “hold” rating in a report on Thursday, November 16th. BMO Capital Markets increased their target price on shares of Palo Alto Networks from $160.00 to $170.00 and gave the stock a “market perform” rating in a report on Tuesday, November 21st. Jefferies Group reiterated a “buy” rating and set a $183.00 target price (up from $168.00) on shares of Palo Alto Networks in a report on Tuesday, November 21st. Piper Jaffray Companies reiterated an “overweight” rating and set a $173.00 target price (up from $155.00) on shares of Palo Alto Networks in a report on Tuesday, November 21st. Finally, Royal Bank of Canada increased their target price on shares of Palo Alto Networks from $159.00 to $175.00 and gave the stock an “outperform” rating in a report on Tuesday, November 21st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and thirty-eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $181.38.
TRADEMARK VIOLATION NOTICE: This story was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this story on another publication, it was stolen and reposted in violation of U.S. & international copyright & trademark laws. The correct version of this story can be viewed at https://www.dispatchtribunal.com/2018/03/15/palo-alto-networks-inc-panw-shares-bought-by-millennium-management-llc.html.
Palo Alto Networks Profile
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.
Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks Inc (NYSE:PANW).
Receive News & Ratings for Palo Alto Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Palo Alto Networks and related companies with MarketBeat.com's FREE daily email newsletter.