Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Acquired by Truist Financial Corp

Truist Financial Corp grew its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 14.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 769,553 shares of the network technology company's stock after buying an additional 95,786 shares during the period. Truist Financial Corp owned 0.12% of Palo Alto Networks worth $131,316,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PANW. Strategic Investment Solutions Inc. IL boosted its stake in shares of Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares during the period. JDM Financial Group LLC lifted its stake in Palo Alto Networks by 22.4% in the fourth quarter. JDM Financial Group LLC now owns 322 shares of the network technology company's stock worth $59,000 after acquiring an additional 59 shares during the last quarter. WealthBridge Capital Management LLC lifted its stake in Palo Alto Networks by 2.0% in the first quarter. WealthBridge Capital Management LLC now owns 3,067 shares of the network technology company's stock worth $523,000 after acquiring an additional 61 shares during the last quarter. Penobscot Investment Management Company Inc. lifted its stake in Palo Alto Networks by 0.3% in the first quarter. Penobscot Investment Management Company Inc. now owns 18,983 shares of the network technology company's stock worth $3,239,000 after acquiring an additional 63 shares during the last quarter. Finally, Adero Partners LLC lifted its stake in Palo Alto Networks by 4.3% in the first quarter. Adero Partners LLC now owns 1,556 shares of the network technology company's stock worth $266,000 after acquiring an additional 64 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Morgan Stanley decreased their price target on shares of Palo Alto Networks from $230.00 to $205.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Sanford C. Bernstein set a $225.00 price target on shares of Palo Alto Networks and gave the stock an "outperform" rating in a research note on Wednesday, May 21st. 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 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $223.00 price target on shares of Palo Alto Networks in a research note on Monday, May 19th. Finally, Truist Financial cut their price objective on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $208.00.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW traded up $4.53 during trading on Friday, hitting $201.50. 2,561,725 shares of the company were exchanged, compared to its average volume of 5,403,583. The company has a market cap of $134.36 billion, a price-to-earnings ratio of 115.14, a PEG ratio of 5.63 and a beta of 0.97. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39. The firm's fifty day moving average price is $193.80 and its 200 day moving average price is $185.44.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last released its quarterly earnings data 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. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period in the previous year, the firm earned $0.66 EPS. The business's revenue for the quarter was up 15.3% compared to the same quarter last year. On average, 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 other Palo Alto Networks news, CAO Josh D. Paul sold 600 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $204.00, for a total value of $122,400.00. Following the transaction, the chief accounting officer directly owned 41,433 shares in the company, valued at approximately $8,452,332. This represents a 1.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $198.66, for a total transaction of $19,866,000.00. Following the completion of the transaction, the executive vice president owned 3,243,516 shares in the company, valued at approximately $644,356,888.56. This trade represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 668,722 shares of company stock valued at $121,714,798 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.

Palo Alto Networks 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.