M&T Bank Corp Sells 10,788 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

M&T Bank Corp trimmed its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 8.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,102 shares of the network technology company's stock after selling 10,788 shares during the period. M&T Bank Corp's holdings in Palo Alto Networks were worth $21,005,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Strategic Investment Solutions Inc. IL grew its position in shares of Palo Alto Networks by 64.0% during the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares in the last quarter. Crew Capital Management Ltd. grew its position in shares of Palo Alto Networks by 2.5% during the 1st quarter. Crew Capital Management Ltd. now owns 2,310 shares of the network technology company's stock valued at $394,000 after purchasing an additional 57 shares in the last quarter. JDM Financial Group LLC grew its position in shares of Palo Alto Networks by 22.4% during the 4th quarter. JDM Financial Group LLC now owns 322 shares of the network technology company's stock valued at $59,000 after purchasing an additional 59 shares in the last quarter. WealthBridge Capital Management LLC grew its position in shares of Palo Alto Networks by 2.0% during the 1st quarter. WealthBridge Capital Management LLC now owns 3,067 shares of the network technology company's stock valued at $523,000 after purchasing an additional 61 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. grew its position in shares of Palo Alto Networks by 0.3% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 18,983 shares of the network technology company's stock valued at $3,239,000 after purchasing an additional 63 shares in the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 120,774 shares of the stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the completion of the transaction, the executive vice president directly owned 293,010 shares of the company's stock, valued at $55,458,002.70. This represents a 29.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Josh D. Paul sold 800 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $201.05, for a total transaction of $160,840.00. Following the completion of the transaction, the chief accounting officer directly owned 42,033 shares of the company's stock, valued at approximately $8,450,734.65. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 547,948 shares of company stock valued at $103,462,223 in the last three months. Corporate insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stephens downgraded shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 1st. Wells Fargo & Company upped their target price on shares of Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. KeyCorp reiterated an "overweight" rating and issued a $220.00 target price on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Hsbc Global Res upgraded shares of Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 10th. Finally, Morgan Stanley cut their target price on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $208.00.

Palo Alto Networks Price Performance

PANW stock traded up $2.07 during trading on Wednesday, reaching $206.06. The company had a trading volume of 3,085,020 shares, compared to its average volume of 5,376,958. 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 cap of $137.40 billion, a P/E ratio of 117.75, a PEG ratio of 5.62 and a beta of 0.97. The business has a 50 day moving average of $194.55 and a 200 day moving average of $185.62.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released 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. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. Palo Alto Networks's revenue was up 15.3% on a year-over-year basis. Research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share 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.