PNC Financial Services Group Inc. Purchases 11,466 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

PNC Financial Services Group Inc. increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 222,202 shares of the network technology company's stock after purchasing an additional 11,466 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Palo Alto Networks were worth $37,916,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Research Global Investors boosted its stake in shares of Palo Alto Networks by 83.8% in the 4th quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company's stock valued at $1,533,419,000 after purchasing an additional 3,841,359 shares in the last quarter. Northern Trust Corp raised its holdings in shares of 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 buying an additional 4,486,654 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Palo Alto Networks by 17.6% in the fourth quarter. Ameriprise Financial Inc. now owns 7,277,739 shares of the network technology company's stock valued at $1,324,387,000 after buying an additional 1,088,631 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of Palo Alto Networks by 98.0% in the fourth quarter. Nuveen Asset Management LLC now owns 6,158,580 shares of the network technology company's stock valued at $1,120,615,000 after buying an additional 3,047,625 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Palo Alto Networks by 92.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,951,283 shares of the network technology company's stock valued at $1,082,895,000 after buying an additional 2,862,718 shares during the last quarter. 79.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley cut their price target on Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a report on Thursday. KeyCorp cut Palo Alto Networks from an "overweight" rating to a "sector weight" rating in a report on Thursday. JPMorgan Chase & Co. cut their price target on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating for the company in a report on Wednesday, May 21st. Finally, Wells Fargo & Company lifted their price target on Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $209.61.

Insider Buying and Selling

In other Palo Alto Networks news, EVP Nir Zuk sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $198.66, for a total value of $19,866,000.00. Following the transaction, the executive vice president directly owned 3,243,516 shares of the company's stock, valued at approximately $644,356,888.56. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total value of $1,009,250.00. Following the completion of the transaction, the executive vice president directly owned 101,135 shares in the company, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 448,474 shares of company stock valued at $88,420,934 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks Price Performance

Palo Alto Networks stock opened at $172.88 on Monday. The stock's 50 day moving average is $196.04 and its 200 day moving average is $187.36. The firm has a market cap of $115.28 billion, a P/E ratio of 98.79, a P/E/G ratio of 4.11 and a beta of 0.94. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $210.39.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $2.29 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.66 earnings per share. Equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

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.

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