Arrow Financial Corp Decreases Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Arrow Financial Corp cut its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 12.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,010 shares of the network technology company's stock after selling 1,489 shares during the quarter. Arrow Financial Corp's holdings in Palo Alto Networks were worth $1,708,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC grew its stake in Palo Alto Networks by 147.7% in the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock valued at $1,230,000 after purchasing an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Palo Alto Networks by 115.6% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company's stock valued at $8,004,000 after buying an additional 23,586 shares during the last quarter. Proficio Capital Partners LLC lifted its position in shares of Palo Alto Networks by 215.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,416 shares of the network technology company's stock valued at $440,000 after buying an additional 1,651 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of Palo Alto Networks by 105.6% in the fourth quarter. TD Private Client Wealth LLC now owns 2,149 shares of the network technology company's stock valued at $391,000 after buying an additional 1,104 shares during the last quarter. Finally, Summit Global Investments acquired a new stake in shares of Palo Alto Networks in the fourth quarter valued at approximately $225,000. 79.82% of the stock is currently owned by institutional investors.

Insider Activity

In other Palo Alto Networks news, CAO Josh D. Paul sold 600 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $204.00, for a total transaction of $122,400.00. Following the sale, the chief accounting officer owned 41,433 shares in the company, valued at $8,452,332. This represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Monday, July 7th. The shares were sold at an average price of $200.86, for a total value of $24,258,665.64. Following the sale, the executive vice president directly owned 235,482 shares of the company's stock, valued at $47,298,914.52. This represents a 33.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 569,248 shares of company stock valued at $111,279,829. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Trading Down 1.6%

PANW stock traded down $3.15 during trading on Tuesday, reaching $196.73. 3,655,040 shares of the stock were exchanged, compared to its average volume of 5,401,540. The firm's 50 day moving average is $195.58 and its 200 day moving average is $186.10. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39. The firm has a market cap of $131.18 billion, a P/E ratio of 112.42, a price-to-earnings-growth ratio of 5.47 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.03. The firm had revenue of $2.29 billion during 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 company's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. As a group, analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PANW has been the subject of several research reports. Sanford C. Bernstein set a $225.00 price target on Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, May 21st. TD Securities reissued a "buy" rating and set a $230.00 price target on shares of Palo Alto Networks in a report on Wednesday, May 21st. HSBC raised Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective for the company in a report on Thursday, April 10th. Guggenheim reaffirmed a "sell" rating and issued a $130.00 price objective on shares of Palo Alto Networks in a report on Wednesday, May 21st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $235.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 20th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $209.16.

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.