Fulton Bank N.A. grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Rating) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,443 shares of the network technology company’s stock after purchasing an additional 123 shares during the quarter. Fulton Bank N.A.’s holdings in Palo Alto Networks were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its position in Palo Alto Networks by 150.3% during the third quarter. Vanguard Group Inc. now owns 19,223,780 shares of the network technology company’s stock worth $3,148,664,000 after buying an additional 11,544,319 shares during the period. Norges Bank acquired a new position in shares of Palo Alto Networks in the 4th quarter valued at $751,276,000. Geode Capital Management LLC raised its position in Palo Alto Networks by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 3,283,841 shares of the network technology company’s stock valued at $457,571,000 after purchasing an additional 38,215 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Palo Alto Networks by 80.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,559,318 shares of the network technology company’s stock worth $357,144,000 after purchasing an additional 1,137,163 shares during the period. Finally, First Trust Advisors LP grew its position in Palo Alto Networks by 171.2% during the 3rd quarter. First Trust Advisors LP now owns 2,434,431 shares of the network technology company’s stock worth $398,735,000 after purchasing an additional 1,536,744 shares during the last quarter. Hedge funds and other institutional investors own 89.84% of the company’s stock.
Insider Buying and Selling
In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $182.57, for a total transaction of $6,572,520.00. Following the completion of the sale, the executive vice president now owns 1,702,898 shares of the company’s stock, valued at $310,898,087.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Josh D. Paul sold 500 shares of Palo Alto Networks stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $211.00, for a total transaction of $105,500.00. Following the transaction, the chief accounting officer now owns 29,237 shares in the company, valued at approximately $6,169,007. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nir Zuk sold 36,000 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $182.57, for a total value of $6,572,520.00. Following the completion of the sale, the executive vice president now owns 1,702,898 shares of the company’s stock, valued at $310,898,087.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 270,758 shares of company stock valued at $54,612,872. 3.90% of the stock is currently owned by company insiders.
Palo Alto Networks Price Performance
Palo Alto Networks (NASDAQ:PANW – Get Rating) last released its earnings results on Tuesday, May 23rd. The network technology company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.15. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.71 billion. Palo Alto Networks had a net margin of 3.32% and a return on equity of 50.01%. Equities research analysts anticipate that Palo Alto Networks, Inc. will post 1.42 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on PANW shares. Citigroup increased their target price on shares of Palo Alto Networks from $195.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, February 22nd. Piper Sandler lifted their target price on Palo Alto Networks from $240.00 to $250.00 in a research note on Friday, June 9th. Morgan Stanley upped their price target on Palo Alto Networks from $240.00 to $255.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 22nd. Deutsche Bank Aktiengesellschaft increased their price target on Palo Alto Networks from $210.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, May 24th. Finally, Scotiabank boosted their price objective on shares of Palo Alto Networks from $212.00 to $222.00 and gave the company a “sector outperform” rating in a research note on Wednesday, May 24th. Five investment analysts have rated the stock with a hold rating and thirty-seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $234.87.
Palo Alto Networks Profile
Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. It operates through the following geographical segments: the United States, Israel, and Other Countries. The company was founded by Nir Zuk in March 2005 and is headquartered in Santa Clara, CA.
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