Chevy Chase Trust Holdings LLC Increases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Chevy Chase Trust Holdings LLC lifted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 1.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 348,282 shares of the network technology company's stock after purchasing an additional 3,776 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Palo Alto Networks worth $59,431,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Palo Alto Networks by 147.7% during the fourth quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock worth $1,230,000 after buying an additional 4,031 shares during the period. Roanoke Asset Management Corp NY grew its position in Palo Alto Networks by 100.0% in the 4th quarter. Roanoke Asset Management Corp NY now owns 1,530 shares of the network technology company's stock valued at $278,000 after acquiring an additional 765 shares in the last quarter. Bank Pictet & Cie Europe AG increased 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 worth $8,004,000 after purchasing an additional 23,586 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Palo Alto Networks by 92.1% during the fourth quarter. First Horizon Advisors Inc. now owns 4,768 shares of the network technology company's stock worth $868,000 after purchasing an additional 2,286 shares in the last quarter. Finally, Wealthspire Advisors LLC boosted its stake in shares of Palo Alto Networks by 114.3% in the fourth quarter. Wealthspire Advisors LLC now owns 13,742 shares of the network technology company's stock valued at $2,500,000 after purchasing an additional 7,330 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Down 0.8%

Shares of Palo Alto Networks stock traded down $1.63 during trading on Tuesday, reaching $201.69. The company's stock had a trading volume of 4,947,392 shares, compared to its average volume of 5,438,797. The business has a 50 day moving average price of $188.10 and a 200-day moving average price of $185.08. Palo Alto Networks, Inc. has a 12-month low of $142.01 and a 12-month high of $208.39. The company has a market capitalization of $134.49 billion, a P/E ratio of 115.25, a price-to-earnings-growth ratio of 5.56 and a beta of 0.97.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Northland Securities decreased their price target on shares of Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a research report on Wednesday, May 21st. HSBC upgraded Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 target price for the company in a report on Thursday, April 10th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 20th. JPMorgan Chase & Co. lowered their price objective on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a research report on Wednesday, May 21st. Finally, TD Securities reaffirmed a "buy" rating and issued a $230.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, Palo Alto Networks presently has a consensus rating of "Moderate Buy" and an average target price of $208.00.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 800 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $201.05, for a total value of $160,840.00. Following the sale, the chief accounting officer now owns 42,033 shares of the company's stock, valued at $8,450,734.65. This represents a 1.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $151.13, for a total value of $18,252,574.62. Following the transaction, the executive vice president now owns 321,774 shares of the company's stock, valued at $48,629,704.62. This represents a 27.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 790,536 shares of company stock valued at $139,998,368. Corporate insiders own 2.50% of the company's stock.

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.