Truist Financial Corp Purchases 95,786 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Truist Financial Corp increased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 14.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 769,553 shares of the network technology company's stock after acquiring an additional 95,786 shares during the quarter. Truist Financial Corp owned about 0.12% of Palo Alto Networks worth $131,316,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Transce3nd LLC bought a new position in Palo Alto Networks in the 4th quarter valued at about $25,000. Strategic Investment Solutions Inc. IL increased its holdings in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after buying an additional 55 shares during the period. Anchor Investment Management LLC increased its holdings in Palo Alto Networks by 100.0% in the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock valued at $28,000 after buying an additional 78 shares during the period. Kiely Wealth Advisory Group Inc. increased its holdings in Palo Alto Networks by 100.0% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock valued at $29,000 after buying an additional 75 shares during the period. Finally, Capital A Wealth Management LLC bought a new position in Palo Alto Networks in the 4th quarter valued at about $29,000. 79.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Guggenheim reaffirmed a "sell" rating and set a $130.00 price target on shares of Palo Alto Networks in a report on Wednesday, May 21st. Rosenblatt Securities reaffirmed a "buy" rating and set a $235.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 20th. Sanford C. Bernstein set a $225.00 price target on shares of Palo Alto Networks and gave the company an "outperform" rating in a report on Wednesday, May 21st. Wells Fargo & Company lifted their price target on shares of Palo Alto Networks from $225.00 to $235.00 and gave the company an "overweight" rating in a report on Wednesday, May 21st. Finally, Truist Financial decreased their price target 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 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 stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of "Moderate Buy" and a consensus target price of $208.00.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW traded down $1.72 during mid-day trading on Monday, hitting $200.10. The company had a trading volume of 1,906,086 shares, compared to its average volume of 5,389,915. The firm has a fifty day moving average price of $193.80 and a 200 day moving average price of $185.39. The company has a market capitalization of $133.42 billion, a PE ratio of 114.34, a price-to-earnings-growth ratio of 5.63 and a beta of 0.97. Palo Alto Networks, Inc. has a one year low of $142.01 and a one year high of $208.39.

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 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.03. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. Palo Alto Networks's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.66 EPS. Research analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the completion of the sale, the executive vice president owned 264,246 shares in the company, valued at approximately $51,564,964.44. The trade was a 31.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Dipak Golechha sold 5,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $201.85, for a total transaction of $1,009,250.00. Following the sale, the executive vice president owned 101,135 shares of the company's stock, valued at $20,414,099.75. This trade represents a 4.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 547,948 shares of company stock worth $103,462,223. Company insiders own 2.50% of the company's stock.

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.