PNC Financial Services Group Inc. Has $19.34 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

PNC Financial Services Group Inc. increased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,572 shares of the network technology company’s stock after purchasing an additional 6,217 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Palo Alto Networks were worth $19,336,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Webster Bank N. A. grew its holdings in shares of Palo Alto Networks by 607.1% in the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after acquiring an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC raised its position in shares of 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 purchasing an additional 47 shares during the period. MV Capital Management Inc. lifted 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 buying an additional 29 shares during the last quarter. First United Bank & Trust bought a new stake in shares of Palo Alto Networks during the 4th quarter worth about $35,000. Finally, Alaska Permanent Fund Corp acquired a new position in Palo Alto Networks in the 4th quarter valued at about $42,000. Institutional investors own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now owns 27,247 shares in the company, valued at approximately $7,629,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 1,050 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the sale, the chief accounting officer now directly owns 27,247 shares of the company’s stock, valued at $7,629,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lee Klarich sold 121,276 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the transaction, the executive vice president now owns 166,542 shares of the company’s stock, valued at approximately $49,895,983.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 280,193 shares of company stock valued at $80,670,132. 3.30% of the stock is owned by insiders.

Palo Alto Networks Trading Down 3.7 %

NASDAQ PANW opened at $311.66 on Wednesday. The business has a fifty day simple moving average of $288.74 and a 200 day simple moving average of $299.00. Palo Alto Networks, Inc. has a 12 month low of $188.30 and a 12 month high of $380.84. The firm has a market capitalization of $100.70 billion, a P/E ratio of 45.30, a PEG ratio of 4.40 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.07. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a net margin of 31.42% and a return on equity of 37.81%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post 2.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PANW. JPMorgan Chase & Co. upped their target price on Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Needham & Company LLC restated a “buy” rating and set a $345.00 target price on shares of Palo Alto Networks in a research report on Tuesday. Mizuho dropped their price target on shares of Palo Alto Networks from $405.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Redburn Atlantic boosted their price target on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Finally, Scotiabank lowered their price objective on Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, February 21st. Twelve analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $317.20.

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.