Palo Alto Networks, Inc. (NASDAQ:PANW) Position Lessened by WASHINGTON TRUST Co

WASHINGTON TRUST Co lessened its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 3.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 199,692 shares of the network technology company's stock after selling 6,306 shares during the period. Palo Alto Networks comprises approximately 1.3% of WASHINGTON TRUST Co's investment portfolio, making the stock its 18th biggest holding. WASHINGTON TRUST Co's holdings in Palo Alto Networks were worth $34,075,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PANW. Insight Inv LLC boosted its position in Palo Alto Networks by 1,621.2% during the 1st quarter. Insight Inv LLC now owns 19,381 shares of the network technology company's stock valued at $3,307,000 after acquiring an additional 18,255 shares in the last quarter. Ameritas Advisory Services LLC lifted its stake in shares of Palo Alto Networks by 2.3% during the 1st quarter. Ameritas Advisory Services LLC now owns 9,972 shares of the network technology company's stock worth $1,783,000 after purchasing an additional 221 shares during the last quarter. Northwest Wealth Management LLC boosted its position in Palo Alto Networks by 7.6% during the first quarter. Northwest Wealth Management LLC now owns 2,112 shares of the network technology company's stock valued at $360,000 after purchasing an additional 150 shares in the last quarter. Amalgamated Bank grew its stake in Palo Alto Networks by 3.3% in the first quarter. Amalgamated Bank now owns 141,430 shares of the network technology company's stock valued at $24,134,000 after purchasing an additional 4,493 shares during the last quarter. Finally, Shilanski & Associates Inc. raised its holdings in Palo Alto Networks by 4.0% in the first quarter. Shilanski & Associates Inc. now owns 8,695 shares of the network technology company's stock worth $1,484,000 after purchasing an additional 336 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company's stock.

Palo Alto Networks Stock Performance

Shares of PANW stock traded up $4.07 on Monday, hitting $204.64. The stock had a trading volume of 4,347,614 shares, compared to its average volume of 5,391,654. The stock's 50 day moving average is $190.70 and its 200-day moving average is $185.23. The firm has a market capitalization of $136.45 billion, a price-to-earnings ratio of 116.94, a P/E/G ratio of 5.60 and a beta of 0.97. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39.

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 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 the consensus estimate of $2.28 billion. During the same quarter in the prior year, the business posted $0.66 earnings per share. Palo Alto Networks's revenue for the quarter was up 15.3% on a year-over-year basis. Equities analysts expect that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insiders Place Their Bets

In other Palo Alto Networks news, CEO Nikesh Arora sold 227,414 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $172.73, for a total value of $39,281,220.22. Following the sale, the chief executive officer owned 317,571 shares in the company, valued at approximately $54,854,038.83. This trade represents a 41.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $1,009,250.00. Following the completion of the sale, the executive vice president directly owned 101,135 shares of the company's stock, valued at $20,414,099.75. The trade was a 4.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 795,536 shares of company stock valued at $141,007,618. 2.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PANW has been the topic of a number of analyst reports. HSBC raised shares of Palo Alto Networks from a "reduce" rating to a "hold" rating and set a $156.00 price objective on the stock in a research report on Thursday, April 10th. Sanford C. Bernstein set a $225.00 price objective on Palo Alto Networks and gave the stock an "outperform" rating in a research report on Wednesday, May 21st. Hsbc Global Res upgraded Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 10th. Roth Capital started coverage on 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. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $235.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 20th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $208.00.

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.