Cullen Frost Bankers Inc. Grows Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Cullen Frost Bankers Inc. lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 62.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,602 shares of the network technology company's stock after acquiring an additional 19,413 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Palo Alto Networks were worth $8,635,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Uniting Wealth Partners LLC purchased a new position in Palo Alto Networks during the fourth quarter valued at approximately $548,000. Rehmann Capital Advisory Group increased its holdings in Palo Alto Networks by 106.4% during the fourth quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company's stock valued at $433,000 after buying an additional 1,226 shares during the period. Whittier Trust Co. of Nevada Inc. grew its holdings in Palo Alto Networks by 94.3% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company's stock worth $2,122,000 after purchasing an additional 5,658 shares during the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in Palo Alto Networks by 108.1% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company's stock worth $3,886,000 after purchasing an additional 11,095 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Palo Alto Networks by 10.8% in the first quarter. GAMMA Investing LLC now owns 14,125 shares of the network technology company's stock worth $2,410,000 after purchasing an additional 1,374 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Stock Up 1.9%

Palo Alto Networks stock traded up $3.69 during mid-day trading on Thursday, reaching $196.28. 4,297,753 shares of the company's stock were exchanged, compared to its average volume of 5,411,936. The company has a market cap of $130.88 billion, a P/E ratio of 112.16, a P/E/G ratio of 5.38 and a beta of 0.97. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39. The company has a fifty day moving average of $195.25 and a 200-day moving average of $185.85.

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

Wall Street Analyst Weigh In

PANW has been the topic of several analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Sanford C. Bernstein set a $225.00 price target on shares of Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, May 21st. Wells Fargo & Company lifted their price target on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Truist Financial lowered their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Barclays lowered their price objective on shares of Palo Alto Networks from $213.00 to $210.00 and set an "overweight" rating for the company in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.00.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction on Friday, May 30th. The shares were sold at an average price of $190.00, for a total value of $99,940.00. Following the transaction, the director directly owned 8,632 shares in the company, valued at approximately $1,640,080. The trade was a 5.74% 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 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 transaction of $24,258,665.64. Following the completion of the transaction, the executive vice president owned 235,482 shares in the company, valued at approximately $47,298,914.52. This represents a 33.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 569,248 shares of company stock valued at $111,279,829 over the last quarter. 2.50% of the stock is owned by corporate insiders.

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.