Renasant Bank Sells 4,938 Shares of Palo Alto Networks, Inc. $PANW

Key Points

• Renasant Bank cut its Palo Alto Networks stake by 86.5% in the second quarter, selling 4,938 shares and retaining 772 shares valued at approximately $263,000. Institutional investors and hedge funds collectively own 79.82% of PANW.
• Palo Alto Networks reported quarterly EPS of $0.85, beating estimates of $0.79, while revenue reached $3 billion and grew 31.1% year over year. Shares opened at $382.13, near their 52-week high of $398.88.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $370.87 target price, although insiders sold 37,735 shares worth about $10.8 million during the quarter.

Renasant Bank decreased its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 86.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 772 shares of the network technology company's stock after selling 4,938 shares during the period. Renasant Bank's holdings in Palo Alto Networks were worth $263,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of PANW. Clifford Swan Investment Counsel LLC bought a new position in Palo Alto Networks in the 2nd quarter valued at about $279,000. Rehmann Capital Advisory Group lifted its position in Palo Alto Networks by 5.1% during the second quarter. Rehmann Capital Advisory Group now owns 4,351 shares of the network technology company's stock worth $1,485,000 after acquiring an additional 211 shares during the last quarter. Denver PWM LLC bought a new stake in shares of Palo Alto Networks during the second quarter worth approximately $299,000. Addenda Capital Inc. boosted its holdings in shares of Palo Alto Networks by 94.6% during the second quarter. Addenda Capital Inc. now owns 53,708 shares of the network technology company's stock worth $18,306,000 after acquiring an additional 26,106 shares during the period. Finally, BTG Pactual Asset Management US LLC acquired a new position in shares of Palo Alto Networks in the second quarter valued at approximately $290,000. Institutional investors and hedge funds own 79.82% of the company's stock.

Palo Alto Networks Trading Up 2.8%

Shares of PANW stock opened at $382.13 on Tuesday. The stock has a market cap of $311.44 billion, a P/E ratio of 313.22, a price-to-earnings-growth ratio of 11.74 and a beta of 0.91. Palo Alto Networks, Inc. has a 1 year low of $139.57 and a 1 year high of $398.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $346.54 and a 200 day simple moving average of $250.56.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings data on Tuesday, June 2nd. The network technology company reported $0.85 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.06. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $2.94 billion. Palo Alto Networks had a return on equity of 10.53% and a net margin of 7.95%.The company's revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.37 EPS. On average, research analysts predict that Palo Alto Networks, Inc. will post 2.01 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James J. Goetz sold 20,000 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $279.90, for a total value of $5,598,000.00. Following the completion of the transaction, the director owned 20,000 shares of the company's stock, valued at $5,598,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $289.56, for a total transaction of $1,447,800.00. Following the sale, the executive vice president directly owned 145,250 shares of the company's stock, valued at $42,058,590. This represents a 3.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 37,735 shares of company stock worth $10,814,266. 1.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Robert W. Baird set a $320.00 target price on Palo Alto Networks in a research note on Wednesday, June 3rd. Scotiabank restated an "outperform" rating and issued a $430.00 price target (up from $320.00) on shares of Palo Alto Networks in a research note on Monday. Argus set a $425.00 price objective on Palo Alto Networks in a report on Tuesday, July 21st. Guggenheim cut Palo Alto Networks from a "neutral" rating to a "reduce" rating in a research report on Wednesday, May 27th. Finally, Mizuho set a $415.00 target price on Palo Alto Networks and gave the stock an "outperform" rating in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, forty have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $370.87.

About Palo Alto Networks

Palo Alto Networks NASDAQ: PANW is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company's product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.

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