Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky trimmed its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,693 shares of the network technology company’s stock after selling 295 shares during the period. Independence Bank of Kentucky’s holdings in Palo Alto Networks were worth $1,902,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock worth $8,129,800,000 after buying an additional 1,058,127 shares in the last quarter. Norges Bank acquired a new position in shares of Palo Alto Networks in the 4th quarter worth $1,563,020,000. Clearbridge Investments LLC raised its position in shares of Palo Alto Networks by 1.0% during the fourth quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock worth $924,905,000 after purchasing an additional 30,013 shares during the period. Jennison Associates LLC lifted its holdings in shares of Palo Alto Networks by 83.1% during the fourth quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after purchasing an additional 1,187,915 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Palo Alto Networks by 29,086.9% in the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after purchasing an additional 2,050,917 shares during the period. 79.82% of the stock is owned by institutional investors.

Palo Alto Networks Trading Down 0.5 %

PANW traded down $1.81 during trading on Friday, hitting $339.01. The stock had a trading volume of 4,172,306 shares, compared to its average volume of 3,168,419. Palo Alto Networks, Inc. has a 12 month low of $201.17 and a 12 month high of $380.84. The company has a 50 day simple moving average of $307.06 and a 200-day simple moving average of $307.14. The firm has a market cap of $109.77 billion, a PE ratio of 49.27, a P/E/G ratio of 5.22 and a beta of 1.10.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the transaction, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total value of $99,820.00. Following the completion of the transaction, the director now directly owns 3,767 shares in the company, valued at $1,167,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction on Friday, April 5th. The stock was sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the sale, the executive vice president now owns 174,075 shares in the company, valued at approximately $46,659,063. The disclosure for this sale can be found here. Insiders sold a total of 258,182 shares of company stock worth $74,850,597 over the last three months. 3.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

PANW has been the topic of several recent analyst reports. Stifel Nicolaus restated a “buy” rating and set a $330.00 price objective on shares of Palo Alto Networks in a report on Wednesday, March 13th. Macquarie raised their price objective on shares of Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 21st. Evercore ISI lowered their price objective on shares of Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 14th. Daiwa Capital Markets started coverage on Palo Alto Networks in a report on Wednesday, May 29th. They issued an “outperform” rating and a $350.00 target price for the company. Finally, Wedbush reiterated an “outperform” rating and set a $375.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 21st. Twelve analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.29.

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.