Truist Financial Corp Has $131.32 Million Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Truist Financial Corp grew its stake in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 14.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 769,553 shares of the network technology company's stock after purchasing an additional 95,786 shares during the period. Truist Financial Corp owned approximately 0.12% of Palo Alto Networks worth $131,316,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of PANW. Brighton Jones LLC boosted its holdings in shares of Palo Alto Networks by 147.7% in the 4th quarter. Brighton Jones LLC now owns 6,761 shares of the network technology company's stock worth $1,230,000 after acquiring an additional 4,031 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Palo Alto Networks by 115.6% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 43,985 shares of the network technology company's stock worth $8,004,000 after acquiring an additional 23,586 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Palo Alto Networks by 77.2% in the 4th quarter. Fisher Asset Management LLC now owns 4,593 shares of the network technology company's stock worth $836,000 after acquiring an additional 2,001 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Palo Alto Networks by 215.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,416 shares of the network technology company's stock worth $440,000 after acquiring an additional 1,651 shares in the last quarter. Finally, Verdence Capital Advisors LLC boosted its holdings in shares of Palo Alto Networks by 100.7% in the 4th quarter. Verdence Capital Advisors LLC now owns 2,826 shares of the network technology company's stock worth $514,000 after acquiring an additional 1,418 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Stock Performance

NASDAQ:PANW traded down $0.40 on Monday, reaching $201.42. The company's stock had a trading volume of 3,479,715 shares, compared to its average volume of 5,395,900. Palo Alto Networks, Inc. has a 1-year low of $142.01 and a 1-year high of $208.39. The firm has a market cap of $134.31 billion, a PE ratio of 115.10, a PEG ratio of 5.63 and a beta of 0.97. The business's 50-day moving average price is $194.20 and its two-hundred day moving average price is $185.49.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results on Tuesday, May 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.28 billion. During the same period in the previous year, the firm earned $0.66 earnings per share. The company's revenue was up 15.3% on a year-over-year basis. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PANW shares. Rosenblatt Securities reissued a "buy" rating and issued a $235.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 20th. JPMorgan Chase & Co. reduced their price objective on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a report on Wednesday, May 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $223.00 price objective on shares of Palo Alto Networks in a report on Monday, May 19th. Truist Financial reduced their price objective on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Guggenheim reaffirmed a "sell" rating and set a $130.00 price objective on shares of Palo Alto Networks 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-seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $208.00.

Insider Transactions at Palo Alto Networks

In other news, EVP Nir Zuk sold 100,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $193.36, for a total transaction of $19,336,000.00. Following the completion of the transaction, the executive vice president directly owned 3,343,516 shares of the company's stock, valued at $646,502,253.76. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dipak Golechha sold 5,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $201.85, for a total value of $1,009,250.00. Following the transaction, the executive vice president directly owned 101,135 shares of the company's stock, valued at $20,414,099.75. This represents a 4.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 547,948 shares of company stock valued at $103,462,223 over the last three months. 2.50% of the stock is currently owned by corporate insiders.

About Palo Alto Networks

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.