Amalgamated Bank Sells 647 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Amalgamated Bank cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 67,706 shares of the network technology company’s stock after selling 647 shares during the period. Amalgamated Bank’s holdings in Palo Alto Networks were worth $23,142,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PANW. Kathmere Capital Management LLC grew its stake in shares of Palo Alto Networks by 3.4% in the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after acquiring an additional 30 shares in the last quarter. FLC Capital Advisors grew its stake in shares of Palo Alto Networks by 0.7% in the 3rd quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after acquiring an additional 30 shares in the last quarter. Cromwell Holdings LLC grew its stake in shares of Palo Alto Networks by 3.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company’s stock worth $357,000 after acquiring an additional 30 shares in the last quarter. Rosenberg Matthew Hamilton grew its position in Palo Alto Networks by 9.4% during the third quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company’s stock valued at $119,000 after buying an additional 30 shares during the period. Finally, Cascade Investment Group Inc. grew its position in Palo Alto Networks by 2.9% during the second quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock valued at $376,000 after buying an additional 31 shares during the period. 79.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PANW has been the subject of several research reports. Stifel Nicolaus increased their price target on shares of Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Piper Sandler increased their price target on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. DA Davidson increased their price target on shares of Palo Alto Networks from $380.00 to $415.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Truist Financial increased their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $380.00 price objective on shares of Palo Alto Networks in a report on Monday. Eleven investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $378.49.

Insider Buying and Selling

In related news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at $370,926,027.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total value of $11,970,000.00. Following the sale, the executive vice president now owns 1,115,567 shares in the company, valued at $370,926,027.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of Palo Alto Networks stock in a transaction on Monday, August 19th. The shares were sold at an average price of $341.44, for a total transaction of $341,440.00. Following the completion of the sale, the director now owns 41,517 shares in the company, valued at approximately $14,175,564.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,252 shares of company stock valued at $89,383,077 over the last three months. 2.50% of the stock is owned by company insiders.

Palo Alto Networks Stock Performance

PANW stock opened at $361.12 on Tuesday. The company has a market capitalization of $117.58 billion, a PE ratio of 49.81, a price-to-earnings-growth ratio of 5.26 and a beta of 1.12. Palo Alto Networks, Inc. has a one year low of $233.81 and a one year high of $384.00. The company’s 50 day moving average price is $352.97 and its two-hundred day moving average price is $330.32.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the firm posted $0.80 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts predict that Palo Alto Networks, Inc. will post 3.57 EPS for the current year.

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.