Free Trial

Washington Trust Advisors Inc. Lowers Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Palo Alto Networks logo with Computer and Technology background

Washington Trust Advisors Inc. reduced its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 250,430 shares of the network technology company's stock after selling 4,319 shares during the period. Palo Alto Networks comprises about 3.8% of Washington Trust Advisors Inc.'s investment portfolio, making the stock its 6th biggest position. Washington Trust Advisors Inc.'s holdings in Palo Alto Networks were worth $42,733,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Palo Alto Networks by 104.4% in the 4th quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company's stock valued at $11,142,122,000 after purchasing an additional 31,281,359 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palo Alto Networks by 87.8% during the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company's stock valued at $2,611,013,000 after acquiring an additional 6,725,148 shares during the period. Norges Bank bought a new stake in Palo Alto Networks during the 4th quarter worth about $970,736,000. Northern Trust Corp boosted its stake in Palo Alto Networks by 133.7% in the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company's stock valued at $1,427,048,000 after acquiring an additional 4,486,654 shares during the last quarter. Finally, Capital Research Global Investors grew its stake in shares of Palo Alto Networks by 83.8% during the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock worth $1,533,419,000 after purchasing an additional 3,841,359 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $193.36, for a total value of $19,336,000.00. Following the transaction, the executive vice president directly owned 3,343,516 shares in the company, valued at $646,502,253.76. The trade was a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the sale, the executive vice president owned 264,246 shares of the company's stock, valued at approximately $51,564,964.44. This represents a 31.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 568,122 shares of company stock worth $101,726,398. Company insiders own 2.50% of the company's stock.

Palo Alto Networks Stock Performance

Palo Alto Networks stock traded down $0.61 during midday trading on Wednesday, reaching $196.97. 3,365,211 shares of the company's stock were exchanged, compared to its average volume of 5,396,466. The stock's 50-day simple moving average is $192.85 and its 200 day simple moving average is $185.45. The firm has a market cap of $131.34 billion, a price-to-earnings ratio of 112.55, a P/E/G ratio of 5.52 and a beta of 0.97. 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 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 during the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. Research analysts forecast that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Roth Capital assumed coverage on shares of Palo Alto Networks in a research note on Thursday, May 15th. They issued a "neutral" rating and a $210.00 target price for the company. Stephens cut shares of Palo Alto Networks from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 1st. Jefferies Financial Group lifted their target price on Palo Alto Networks from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Barclays decreased their target price on 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. Finally, Sanford C. Bernstein set a $225.00 price target on Palo Alto Networks and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have issued a buy rating to the company. According to data from MarketBeat, Palo Alto Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $208.00.

Check Out Our Latest Research Report on Palo Alto Networks

Palo Alto Networks Company Profile

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

Should You Invest $1,000 in Palo Alto Networks Right Now?

Before you consider Palo Alto Networks, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Palo Alto Networks wasn't on the list.

While Palo Alto Networks currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Ten Starter Stocks For Beginners to Buy Now Cover

Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

The Next NVIDIA? Quantum Computing Stocks Set for Explosive Growth
5 Stocks to BUY NOW in July 2025
3 Defense Stocks Under $10 With Massive Upside

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines