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

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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of 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 acquiring an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its stake in Palo Alto Networks by 115.6% during 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 purchasing an additional 23,586 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in Palo Alto Networks by 215.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,416 shares of the network technology company's stock valued at $440,000 after purchasing 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 4th quarter. TD Private Client Wealth LLC now owns 2,149 shares of the network technology company's stock valued at $391,000 after acquiring an additional 1,104 shares in the last quarter. Finally, Summit Global Investments purchased a new stake in shares of Palo Alto Networks in the 4th quarter valued at approximately $225,000. Institutional investors own 79.82% of the company's stock.

Insider Activity

In related news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 235,482 shares of the company's stock, valued at approximately $47,298,914.52. This represents a 33.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Dipak Golechha sold 5,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $201.85, for a total value of $1,009,250.00. Following the completion of the sale, the executive vice president owned 101,135 shares in the company, valued at $20,414,099.75. This represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 569,248 shares of company stock worth $111,279,829. Company insiders own 2.50% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PANW. Wells Fargo & Company upped their price objective on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Roth Capital began coverage on shares of Palo Alto Networks in a research note on Thursday, May 15th. They set a "neutral" rating and a $210.00 price target on the stock. HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 target price on the stock in a research note on Thursday, April 10th. Rosenblatt Securities reiterated a "buy" rating and issued a $235.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 20th. Finally, TD Securities reissued a "buy" rating and issued a $230.00 price target on shares of Palo Alto Networks in a report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-seven have issued a buy rating to the stock. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of "Moderate Buy" and a consensus target price of $209.42.

Palo Alto Networks Price Performance

NASDAQ:PANW traded up $0.74 during trading hours on Thursday, hitting $199.96. The company had a trading volume of 1,198,824 shares, compared to its average volume of 5,373,584. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39. The company has a market capitalization of $133.33 billion, a PE ratio of 114.25, a price-to-earnings-growth ratio of 5.49 and a beta of 0.97. The stock has a 50-day moving average price of $195.97 and a 200 day moving average price of $186.38.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced 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 company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. Palo Alto Networks's revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 EPS. Analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal 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.