First Hawaiian Bank Sells 45 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

First Hawaiian Bank trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) by 7.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 599 shares of the network technology company’s stock after selling 45 shares during the period. First Hawaiian Bank’s holdings in Palo Alto Networks were worth $373,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Stonebridge Financial Planning Group LLC raised its position in shares of Palo Alto Networks by 17.1% during the 4th quarter. Stonebridge Financial Planning Group LLC now owns 205 shares of the network technology company’s stock valued at $102,000 after purchasing an additional 30 shares during the period. Illinois Municipal Retirement Fund grew its stake in Palo Alto Networks by 26.3% during the fourth quarter. Illinois Municipal Retirement Fund now owns 6,004 shares of the network technology company’s stock valued at $3,343,000 after acquiring an additional 1,249 shares in the last quarter. KB Financial Partners LLC purchased a new position in Palo Alto Networks during the fourth quarter valued at $114,000. People s United Financial Inc. grew its stake in Palo Alto Networks by 15.8% during the fourth quarter. People s United Financial Inc. now owns 573 shares of the network technology company’s stock valued at $319,000 after acquiring an additional 78 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Palo Alto Networks by 5.5% during the fourth quarter. Stifel Financial Corp now owns 360,189 shares of the network technology company’s stock valued at $200,538,000 after acquiring an additional 18,932 shares in the last quarter. Hedge funds and other institutional investors own 84.33% of the company’s stock.

Several equities analysts recently weighed in on PANW shares. Cowen reaffirmed a “buy” rating and set a $620.00 target price on shares of Palo Alto Networks in a research note on Friday, May 20th. The Goldman Sachs Group lifted their price objective on shares of Palo Alto Networks from $650.00 to $700.00 in a research note on Tuesday, April 12th. Citigroup lifted their price objective 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. Truist Financial lifted their price objective 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. Finally, UBS Group lifted their price objective on shares of Palo Alto Networks to $545.00 in a research note on Friday, May 20th. Three equities research analysts have rated the stock with a hold rating and thirty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $628.56.

In related 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 transaction of $7,395,120.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lee Klarich sold 4,807 shares of the firm’s stock in a transaction 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 directly owns 247,744 shares of the company’s stock, valued at approximately $20,240,830,968.96. The disclosure for this sale can be found here. Insiders have sold 56,789 shares of company stock valued at $421,471,941 in the last three months. 2.20% of the stock is currently owned by corporate insiders.

Shares of PANW opened at $503.07 on Friday. The company has a 50 day moving average price of $518.70 and a 200-day moving average price of $536.62. Palo Alto Networks, Inc. has a fifty-two week low of $358.37 and a fifty-two week high of $640.90. The stock has a market capitalization of $50.12 billion, a PE ratio of -126.40 and a beta of 1.29.

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

Palo Alto Networks 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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