Stock Yards Bank & Trust Co. Has $22.23 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Stock Yards Bank & Trust Co. increased its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 130,264 shares of the network technology company's stock after buying an additional 1,748 shares during the quarter. Stock Yards Bank & Trust Co.'s holdings in Palo Alto Networks were worth $22,228,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PANW. Vanguard Group Inc. grew its holdings in shares of Palo Alto Networks by 104.4% during the fourth quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company's stock worth $11,142,122,000 after buying an additional 31,281,359 shares in the last quarter. Geode Capital Management LLC grew its stake in Palo Alto Networks by 87.8% in 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 purchasing an additional 6,725,148 shares in the last quarter. Norges Bank bought a new position in Palo Alto Networks in the fourth quarter valued at approximately $970,736,000. Northern Trust Corp grew 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 purchasing an additional 4,486,654 shares in the last quarter. Finally, Capital Research Global Investors grew its stake in Palo Alto Networks by 83.8% in the fourth 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. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Rosenblatt Securities restated a "buy" rating and issued a $235.00 price target on shares of Palo Alto Networks in a research note on Tuesday, May 20th. Cantor Fitzgerald restated an "overweight" rating and issued a $223.00 price target on shares of Palo Alto Networks in a research note on Monday, May 19th. Barclays decreased their price target 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. Truist Financial cut their price objective on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Roth Capital began coverage on Palo Alto Networks in a research report on Thursday, May 15th. They issued a "neutral" rating and a $210.00 price objective for the company. 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, the company has an average rating of "Moderate Buy" and a consensus price target of $208.00.

Palo Alto Networks Stock Down 0.7%

Shares of PANW traded down $1.40 during midday trading on Friday, hitting $196.27. The company's stock had a trading volume of 3,815,861 shares, compared to its average volume of 5,484,807. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39. The company's fifty day simple moving average is $184.15 and its two-hundred day simple moving average is $185.06. The stock has a market capitalization of $130.87 billion, a price-to-earnings ratio of 110.58, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the company posted $0.66 EPS. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. On average, research analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Lee Klarich sold 120,774 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $151.13, for a total value of $18,252,574.62. Following the transaction, the executive vice president now directly owns 321,774 shares of the company's stock, valued at $48,629,704.62. The trade was a 27.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nir Zuk sold 100,000 shares of the business's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $165.41, for a total value of $16,541,000.00. Following the completion of the transaction, the executive vice president now directly owns 3,543,516 shares in the company, valued at $586,132,981.56. This represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 789,736 shares of company stock worth $139,837,528 in the last 90 days. Insiders own 2.50% of the company's stock.

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.