Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Bought by Harbour Trust & Investment Management Co

Harbour Trust & Investment Management Co boosted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 11.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,361 shares of the network technology company’s stock after acquiring an additional 4,991 shares during the quarter. Harbour Trust & Investment Management Co’s holdings in Palo Alto Networks were worth $8,082,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Keybank National Association OH increased its position in shares of Palo Alto Networks by 2.5% in the 1st quarter. Keybank National Association OH now owns 30,013 shares of the network technology company’s stock valued at $5,121,000 after purchasing an additional 745 shares during the last quarter. Arbor Trust Wealth Advisors LLC increased its holdings in shares of Palo Alto Networks by 3.9% in the 1st quarter. Arbor Trust Wealth Advisors LLC now owns 7,185 shares of the network technology company’s stock valued at $1,226,000 after acquiring an additional 271 shares during the last quarter. Rossby Financial LCC acquired a new stake in shares of Palo Alto Networks during the 1st quarter worth about $96,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Palo Alto Networks by 5.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 78,010 shares of the network technology company’s stock worth $13,312,000 after purchasing an additional 3,824 shares during the last quarter. Finally, BLB&B Advisors LLC boosted its holdings in Palo Alto Networks by 5.3% in the first quarter. BLB&B Advisors LLC now owns 85,355 shares of the network technology company’s stock valued at $14,565,000 after purchasing an additional 4,264 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Performance

PANW opened at $197.58 on Wednesday. The stock has a market capitalization of $131.75 billion, a PE ratio of 112.90, a P/E/G ratio of 5.71 and a beta of 0.97. The company’s 50 day simple moving average is $192.27 and its 200 day simple moving average is $185.37. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company posted $0.66 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other news, CAO Josh D. Paul sold 800 shares of the company’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $201.05, for a total value of $160,840.00. Following the completion of the sale, the chief accounting officer owned 42,033 shares of the company’s stock, valued at $8,450,734.65. This represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $193.36, for a total transaction of $19,336,000.00. Following the completion of the sale, the executive vice president directly owned 3,343,516 shares of the company’s stock, valued at $646,502,253.76. This trade represents a 2.90% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 568,122 shares of company stock valued at $101,726,398. 2.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on PANW shares. TD Securities reiterated a “buy” rating and issued a $230.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Northland Securities dropped their target price on shares of Palo Alto Networks from $210.00 to $177.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 21st. Truist Financial cut their price target on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $223.00 price objective on shares of Palo Alto Networks in a research note on Monday, May 19th. Finally, Hsbc Global Res upgraded Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a research report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $208.00.

About Palo Alto Networks

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.