First American Trust FSB Takes $228,000 Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

First American Trust FSB acquired a new stake in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 366 shares of the network technology company’s stock, valued at approximately $228,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Palo Alto Networks by 12.3% in the 4th quarter. Geode Capital Management LLC now owns 1,255,426 shares of the network technology company’s stock worth $697,942,000 after acquiring an additional 137,962 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Palo Alto Networks by 317.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,237,932 shares of the network technology company’s stock worth $689,231,000 after acquiring an additional 941,271 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Palo Alto Networks by 18.3% in the 4th quarter. First Trust Advisors LP now owns 1,043,598 shares of the network technology company’s stock worth $581,034,000 after acquiring an additional 161,660 shares during the last quarter. Norges Bank bought a new stake in shares of Palo Alto Networks in the 4th quarter worth approximately $522,352,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Palo Alto Networks by 44.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 462,983 shares of the network technology company’s stock worth $257,771,000 after acquiring an additional 141,612 shares during the last quarter. Institutional investors own 84.33% of the company’s stock.

In other news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $616.26, for a total value of $7,395,120.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lee Klarich sold 4,807 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $81,700.59, for a total transaction of $392,734,736.13. Following the completion of the transaction, the executive vice president now owns 247,744 shares in the company, valued at approximately $20,240,830,968.96. The disclosure for this sale can be found here. Insiders have sold a total of 56,789 shares of company stock worth $421,471,941 in the last 90 days. Company insiders own 2.20% of the company’s stock.

PANW opened at $494.32 on Thursday. The stock has a market capitalization of $49.25 billion, a P/E ratio of -124.20 and a beta of 1.29. The company’s 50-day simple moving average is $521.18 and its two-hundred day simple moving average is $536.61. Palo Alto Networks, Inc. has a 52-week low of $358.37 and a 52-week high of $640.90.

Palo Alto Networks (NASDAQ:PANWGet Rating) last posted its earnings results on Thursday, May 19th. The network technology company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.21). The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.36 billion. Palo Alto Networks had a negative net margin of 7.54% and a negative return on equity of 57.50%. Palo Alto Networks’s revenue was up 29.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.62) EPS. Research analysts forecast that Palo Alto Networks, Inc. will post -0.73 earnings per share for the current fiscal year.

Several brokerages recently commented on PANW. KeyCorp lifted their target price on shares of Palo Alto Networks from $610.00 to $729.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 17th. Truist Financial lifted their target price on shares of Palo Alto Networks from $600.00 to $675.00 and gave the stock a “buy” rating in a research note on Thursday, March 24th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Palo Alto Networks from $605.00 to $587.00 in a research note on Tuesday, May 17th. Citigroup lifted their target price on shares of Palo Alto Networks from $600.00 to $610.00 and gave the stock a “buy” rating in a research note on Friday, May 20th. Finally, Northland Securities boosted their price objective on shares of Palo Alto Networks from $585.00 to $605.00 and gave the company an “outperform” rating in a research report on Wednesday, February 23rd. Three equities research analysts have rated the stock with a hold rating and thirty have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $628.56.

Palo Alto Networks Company Profile (Get Rating)

Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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

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