M&T Bank Corp Trims Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

M&T Bank Corp trimmed its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PANW. Uniting Wealth Partners LLC bought a new position in shares of Palo Alto Networks in the 4th quarter worth about $548,000. Rehmann Capital Advisory Group increased its stake in shares of Palo Alto Networks by 106.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 2,378 shares of the network technology company's stock worth $433,000 after acquiring an additional 1,226 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Palo Alto Networks by 94.3% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 11,661 shares of the network technology company's stock worth $2,122,000 after acquiring an additional 5,658 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its stake in shares of Palo Alto Networks by 108.1% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 21,354 shares of the network technology company's stock worth $3,886,000 after acquiring an additional 11,095 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Palo Alto Networks by 10.8% in the 1st quarter. GAMMA Investing LLC now owns 14,125 shares of the network technology company's stock worth $2,410,000 after acquiring an additional 1,374 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Guggenheim restated a "sell" rating and set a $130.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Stephens lowered shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Cantor Fitzgerald restated an "overweight" rating and set a $223.00 price objective on shares of Palo Alto Networks in a research note on Monday, May 19th. HSBC upgraded shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective for the company in a research note on Thursday, April 10th. Finally, KeyCorp reiterated an "overweight" rating and issued a $220.00 price target on shares of Palo Alto Networks in a research note on Wednesday, May 21st. Two research 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. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $208.00.

Palo Alto Networks Trading Down 4.0%

Shares of NASDAQ PANW traded down $8.23 during mid-day trading on Thursday, reaching $197.83. The company had a trading volume of 3,011,216 shares, compared to its average volume of 5,375,111. The stock has a market cap of $131.91 billion, a price-to-earnings ratio of 113.05, a price-to-earnings-growth ratio of 5.69 and a beta of 0.97. The business's 50-day moving average is $194.93 and its 200-day moving average is $185.76. Palo Alto Networks, Inc. has a 52 week low of $142.01 and a 52 week high of $208.39.

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 EPS for the quarter, beating the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion during 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 company's quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 earnings per share. As a group, equities research analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling at Palo Alto Networks

In related news, Director Aparna Bawa sold 526 shares of Palo Alto Networks stock in a transaction that occurred 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 completion of the sale, the director directly owned 8,632 shares in the company, valued at $1,640,080. This trade represents a 5.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Josh D. Paul sold 600 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $204.00, for a total transaction of $122,400.00. Following the completion of the sale, the chief accounting officer owned 41,433 shares of the company's stock, valued at $8,452,332. This trade represents a 1.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 669,248 shares of company stock valued at $127,820,829. 2.50% of the stock is currently owned by corporate insiders.

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.