PNC Financial Services Group Inc. Raises Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

PNC Financial Services Group Inc. lifted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 10.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,572 shares of the network technology company’s stock after buying 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 institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Palo Alto Networks by 1.2% in the third quarter. Vanguard Group Inc. now owns 26,511,732 shares of the network technology company’s stock valued at $6,215,410,000 after buying an additional 304,272 shares in the last quarter. Norges Bank acquired a new stake in Palo Alto Networks in the fourth quarter valued at $1,563,020,000. Northern Trust Corp increased its position in shares of Palo Alto Networks by 2.6% in the third quarter. Northern Trust Corp now owns 3,430,299 shares of the network technology company’s stock valued at $804,199,000 after buying an additional 86,995 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock worth $771,643,000 after buying 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 worth $606,854,000 after buying an additional 2,050,917 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Activity

In related news, President William D. Jenkins, Jr. sold 1,867 shares of the business’s 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 sale, the president now directly owns 25,812 shares of the company’s stock, valued at $7,230,715.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $288.24, for a total transaction of $10,376,640.00. Following the sale, the executive vice president now owns 1,295,567 shares in the company, valued at $373,434,232.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President William D. Jenkins, Jr. sold 1,867 shares of Palo Alto Networks stock in a transaction that occurred on Friday, February 23rd. The shares were 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. In the last 90 days, insiders have sold 280,193 shares of company stock worth $80,670,132. 3.30% of the stock is currently owned by corporate insiders.

Palo Alto Networks Stock Down 3.7 %

Shares of PANW opened at $311.66 on Wednesday. The firm has a market cap of $100.70 billion, a price-to-earnings ratio of 45.30, a PEG ratio of 4.40 and a beta of 1.18. The business’s 50 day moving average is $288.74 and its two-hundred day moving average is $299.00. Palo Alto Networks, Inc. has a 52-week low of $188.30 and a 52-week high of $380.84.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last posted its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 37.81%. The firm had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company posted $0.38 earnings per share. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. On average, equities analysts expect that Palo Alto Networks, Inc. will post 2.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PANW has been the subject of a number of research reports. Piper Sandler cut shares of Palo Alto Networks from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $350.00 to $300.00 in a research report on Wednesday, February 21st. Scotiabank reduced their target price 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. JMP Securities reissued a “market outperform” rating and set a $380.00 price target on shares of Palo Alto Networks in a research report on Tuesday. Wedbush restated an “outperform” rating and issued a $375.00 price objective on shares of Palo Alto Networks in a research report on Tuesday. Finally, Macquarie lifted their price objective on Palo Alto Networks from $270.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $317.20.

Check Out Our Latest Stock Report on PANW

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.

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

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