Smithfield Trust Co Grows Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Smithfield Trust Co boosted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,762 shares of the network technology company’s stock after acquiring an additional 61 shares during the quarter. Smithfield Trust Co’s holdings in Palo Alto Networks were worth $814,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Webster Bank N. A. raised its stake in shares of Palo Alto Networks by 607.1% during the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC increased its holdings in Palo Alto Networks by 87.0% in the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after buying an additional 47 shares in the last quarter. MV Capital Management Inc. boosted its stake in shares of Palo Alto Networks by 37.2% during the 4th quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock worth $32,000 after acquiring an additional 29 shares in the last quarter. Byrne Asset Management LLC grew its holdings in shares of Palo Alto Networks by 277.8% in the 3rd quarter. Byrne Asset Management LLC now owns 136 shares of the network technology company’s stock worth $32,000 after acquiring an additional 100 shares during the period. Finally, Alaska Permanent Fund Corp purchased a new position in Palo Alto Networks in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PANW shares. Capital One Financial cut Palo Alto Networks from an “overweight” rating to an “equal weight” rating and set a $302.00 price target for the company. in a research report on Wednesday, February 21st. The Goldman Sachs Group increased their price target on shares of Palo Alto Networks from $274.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Evercore ISI lifted their price objective on Palo Alto Networks from $315.00 to $405.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Royal Bank of Canada increased their target price on Palo Alto Networks to $420.00 and gave the company an “overweight” rating in a report on Thursday, February 22nd. Finally, JMP Securities reissued a “market outperform” rating and issued a $380.00 price target on shares of Palo Alto Networks in a report on Wednesday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.82.

Read Our Latest Analysis on Palo Alto Networks

Insider Activity

In other news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $280.13, for a total transaction of $523,002.71. Following the completion of the sale, the president now directly owns 25,812 shares in the company, valued at $7,230,715.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $280.00, for a total transaction of $294,000.00. Following the completion of the sale, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,867 shares of Palo Alto Networks stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the completion of the transaction, the president now owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The disclosure for this sale can be found here. Insiders sold 280,193 shares of company stock worth $80,670,132 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Price Performance

NASDAQ PANW traded up $1.80 during trading hours on Friday, hitting $297.47. The company had a trading volume of 2,138,280 shares, compared to its average volume of 3,377,430. Palo Alto Networks, Inc. has a fifty-two week low of $186.75 and a fifty-two week high of $380.84. The company has a market capitalization of $96.11 billion, a price-to-earnings ratio of 46.48, a P/E/G ratio of 4.09 and a beta of 1.18. The firm’s 50 day moving average is $285.19 and its 200 day moving average is $294.54.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. On average, equities analysts anticipate that Palo Alto Networks, Inc. will post 2.77 EPS for the current year.

Palo Alto Networks Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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