Alpine Bank Wealth Management Acquires Shares of 1,320 Palo Alto Networks, Inc. (NASDAQ:PANW)

Alpine Bank Wealth Management bought a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,320 shares of the network technology company's stock, valued at approximately $225,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FFG Partners LLC raised its holdings in Palo Alto Networks by 51.0% in the 1st quarter. FFG Partners LLC now owns 60,156 shares of the network technology company's stock valued at $10,265,000 after buying an additional 20,317 shares during the period. HBK Sorce Advisory LLC grew its stake in shares of Palo Alto Networks by 3.3% in the first quarter. HBK Sorce Advisory LLC now owns 4,816 shares of the network technology company's stock valued at $822,000 after buying an additional 153 shares in the last quarter. Pinnacle Bancorp Inc. grew its stake in shares of Palo Alto Networks by 13.1% in the first quarter. Pinnacle Bancorp Inc. now owns 2,250 shares of the network technology company's stock valued at $384,000 after buying an additional 260 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Palo Alto Networks by 124.0% in the 1st quarter. Golden State Wealth Management LLC now owns 15,437 shares of the network technology company's stock valued at $2,635,000 after buying an additional 8,545 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Palo Alto Networks by 4.3% during the 1st quarter. Bessemer Group Inc. now owns 25,767 shares of the network technology company's stock worth $4,397,000 after acquiring an additional 1,062 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company's stock.

Insider Activity

In related news, EVP Dipak Golechha sold 5,000 shares of Palo Alto Networks stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total value of $1,009,250.00. Following the transaction, the executive vice president now directly owns 101,135 shares in the company, valued at $20,414,099.75. This trade represents a 4.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the transaction, the executive vice president now owns 3,543,516 shares of the company's stock, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 795,536 shares of company stock valued at $141,007,618. Company insiders own 2.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. KeyCorp reaffirmed an "overweight" rating and issued a $220.00 target price on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Guggenheim reissued a "sell" rating and issued a $130.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, May 21st. JPMorgan Chase & Co. cut their target price on shares of Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. Cantor Fitzgerald reiterated an "overweight" rating and set a $223.00 target price on shares of Palo Alto Networks in a report on Monday, May 19th. Finally, Stephens downgraded shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat.com, Palo Alto Networks has an average rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Stock Performance

Shares of Palo Alto Networks stock opened at $204.30 on Thursday. The company has a market capitalization of $136.23 billion, a P/E ratio of 116.74, a PEG ratio of 5.63 and a beta of 0.97. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39. The company's fifty day moving average is $189.35 and its two-hundred day moving average is $185.33.

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

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.

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