Fifth Third Bancorp Has $233.85 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Fifth Third Bancorp lessened its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,370,400 shares of the network technology company’s stock after selling 4,253 shares during the quarter. Palo Alto Networks accounts for approximately 0.9% of Fifth Third Bancorp’s investment portfolio, making the stock its 24th biggest position. Fifth Third Bancorp owned about 0.21% of Palo Alto Networks worth $233,845,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL boosted its holdings in shares of Palo Alto Networks by 64.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company’s stock valued at $26,000 after acquiring an additional 55 shares in the last quarter. Capital Advisors Ltd. LLC boosted its holdings in shares of Palo Alto Networks by 102.6% during the 4th quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 79 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in shares of Palo Alto Networks by 100.0% during the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 78 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Palo Alto Networks during the 4th quarter valued at $29,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Nir Zuk sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $165.41, for a total value of $16,541,000.00. Following the transaction, the executive vice president now owns 3,543,516 shares in the company, valued at $586,132,981.56. The trade was a 2.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total value of $23,567,838.36. Following the completion of the transaction, the executive vice president now owns 264,246 shares in the company, valued at approximately $51,564,964.44. The trade was a 31.37% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 789,736 shares of company stock valued at $139,837,528. Corporate insiders own 2.50% of the company’s stock.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock opened at $194.39 on Thursday. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39. The firm has a market capitalization of $129.62 billion, a price-to-earnings ratio of 109.52, a PEG ratio of 5.64 and a beta of 0.97. The business has a 50-day simple moving average of $182.38 and a 200 day simple moving average of $185.09.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. On average, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PANW shares. HSBC raised Palo Alto Networks from a “reduce” rating to a “hold” rating and set a $156.00 price objective on the stock in a report on Thursday, April 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $223.00 price objective on shares of Palo Alto Networks in a report on Monday, May 19th. Wells Fargo & Company raised their price objective on Palo Alto Networks from $225.00 to $235.00 and gave the company an “overweight” rating in a report on Wednesday, May 21st. KeyCorp reissued an “overweight” rating and set a $220.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $235.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $208.00.

Palo Alto Networks Company Profile

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.