Arrow Financial Corp Increases Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Arrow Financial Corp lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANWFree Report) by 110.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,479 shares of the network technology company’s stock after acquiring an additional 1,824 shares during the quarter. Arrow Financial Corp’s holdings in Palo Alto Networks were worth $1,026,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Atalanta Sosnoff Capital LLC grew its holdings in Palo Alto Networks by 4.9% in the fourth quarter. Atalanta Sosnoff Capital LLC now owns 110,100 shares of the network technology company’s stock valued at $32,466,000 after purchasing an additional 5,169 shares during the last quarter. Claret Asset Management Corp purchased a new position in Palo Alto Networks during the 4th quarter valued at about $240,000. Catalytic Wealth RIA LLC acquired a new position in Palo Alto Networks during the fourth quarter worth about $657,000. Treasurer of the State of North Carolina lifted its holdings in shares of Palo Alto Networks by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 138,538 shares of the network technology company’s stock valued at $40,852,000 after purchasing an additional 1,434 shares in the last quarter. Finally, Fiduciary Trust Co grew its position in shares of Palo Alto Networks by 6.9% in the fourth quarter. Fiduciary Trust Co now owns 10,547 shares of the network technology company’s stock valued at $3,110,000 after purchasing an additional 677 shares during the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Lee Klarich sold 121,276 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $299.60, for a total value of $36,334,289.60. Following the completion of the transaction, the executive vice president now owns 166,542 shares in the company, valued at approximately $49,895,983.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $299.60, for a total transaction of $36,334,289.60. Following the completion of the transaction, the executive vice president now owns 166,542 shares in the company, valued at approximately $49,895,983.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the firm’s 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 transaction, the executive vice president now owns 1,295,567 shares of the company’s stock, valued at approximately $373,434,232.08. The disclosure for this sale can be found here. Insiders have sold a total of 279,947 shares of company stock valued at $80,644,647 in the last quarter. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Down 4.5 %

Shares of NASDAQ:PANW traded down $13.72 on Thursday, reaching $293.18. 4,616,411 shares of the company’s stock were exchanged, compared to its average volume of 5,127,928. Palo Alto Networks, Inc. has a fifty-two week low of $201.17 and a fifty-two week high of $380.84. The business’s 50-day moving average is $292.25 and its two-hundred day moving average is $301.48. The firm has a market capitalization of $94.93 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 4.98 and a beta of 1.18.

Palo Alto Networks (NASDAQ:PANWGet Free Report) last released its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. Palo Alto Networks had a net margin of 31.42% and a return on equity of 32.74%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company earned $0.38 EPS. The company’s revenue for the quarter was up 15.3% compared to the same quarter last year. Analysts predict that Palo Alto Networks, Inc. will post 2.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on PANW shares. Argus increased their target price on Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a report on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Sanford C. Bernstein upped their target price on shares of Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a report on Tuesday, May 21st. Morgan Stanley reiterated an “overweight” rating and set a $360.00 price target on shares of Palo Alto Networks in a report on Tuesday, May 21st. Finally, Evercore ISI cut their price objective on shares of Palo Alto Networks from $405.00 to $385.00 and set an “outperform” rating for the company in a research report on Tuesday, May 14th. Twelve research analysts have rated the stock with a hold rating and twenty-nine have assigned a buy rating to the stock. According to MarketBeat, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus target price of $322.78.

Read Our Latest Report on PANW

Palo Alto Networks Company 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.

Further Reading

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

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