Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Purchased by City Holding Co.

City Holding Co. grew its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 13.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,355 shares of the network technology company's stock after buying an additional 1,805 shares during the quarter. City Holding Co.'s holdings in Palo Alto Networks were worth $2,620,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PANW. Brighton Jones LLC lifted its position 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. Consolidated Portfolio Review Corp boosted its stake in Palo Alto Networks by 100.7% during the 4th quarter. Consolidated Portfolio Review Corp now owns 1,730 shares of the network technology company's stock worth $315,000 after purchasing an additional 868 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Palo Alto Networks during the 4th quarter worth $4,772,000. Conning Inc. grew its holdings in shares of Palo Alto Networks by 93.7% during the fourth quarter. Conning Inc. now owns 2,832 shares of the network technology company's stock worth $515,000 after buying an additional 1,370 shares in the last quarter. Finally, Apollon Wealth Management LLC raised its position in shares of Palo Alto Networks by 262.1% in the fourth quarter. Apollon Wealth Management LLC now owns 31,887 shares of the network technology company's stock valued at $5,802,000 after buying an additional 23,081 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PANW has been the topic of a number of recent research reports. Guggenheim restated a "sell" rating and set a $130.00 price target on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Truist Financial cut their price target on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group boosted their price objective on Palo Alto Networks from $190.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Finally, Citigroup raised their target price on Palo Alto Networks from $205.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $208.00.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of Palo Alto Networks stock in a transaction on Monday, April 7th. The shares were 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 directly owns 321,774 shares in the company, valued at approximately $48,629,704.62. The trade was a 27.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nir Zuk sold 100,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $193.36, for a total transaction of $19,336,000.00. Following the sale, the executive vice president now owns 3,343,516 shares of the company's stock, valued at $646,502,253.76. This trade represents a 2.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 789,736 shares of company stock valued at $139,837,528 in the last ninety days. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock traded down $0.86 during trading hours on Wednesday, hitting $195.09. The company had a trading volume of 1,694,217 shares, compared to its average volume of 5,487,721. The company's 50-day moving average is $181.56 and its two-hundred day moving average is $185.03. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39. The company has a market cap of $130.09 billion, a P/E ratio of 109.84, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results 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 business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.28 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The business's revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

About Palo Alto Networks

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.