Fulton Bank N.A. Has $1.13 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Fulton Bank N.A. increased its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,344 shares of the network technology company’s stock after purchasing an additional 61 shares during the quarter. Fulton Bank N.A.’s holdings in Palo Alto Networks were worth $1,134,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Palo Alto Networks during the fourth quarter worth about $1,563,020,000. Jennison Associates LLC lifted its holdings 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 valued at $771,643,000 after purchasing an additional 1,187,915 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Palo Alto Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after purchasing an additional 1,058,127 shares in the last quarter. Axiom Investors LLC DE lifted its holdings in shares of Palo Alto Networks by 359.3% during the 4th quarter. Axiom Investors LLC DE now owns 957,699 shares of the network technology company’s stock valued at $282,406,000 after purchasing an additional 749,199 shares in the last quarter. Finally, Swedbank AB bought a new position in shares of Palo Alto Networks during the 1st quarter valued at about $177,933,000. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Aparna Bawa sold 322 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total transaction of $99,820.00. Following the completion of the sale, the director now owns 3,767 shares of the company’s stock, valued at $1,167,770. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $338.00, for a total value of $67,600.00. Following the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Aparna Bawa sold 322 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were 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 owns 3,767 shares in the company, valued at approximately $1,167,770. The disclosure for this sale can be found here. Over the last quarter, insiders sold 307,315 shares of company stock valued at $100,940,790. Company insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Up 2.6 %

Shares of NASDAQ:PANW traded up $7.75 during trading on Tuesday, reaching $301.93. 3,216,819 shares of the company traded hands, compared to its average volume of 4,434,475. The company’s 50 day moving average is $321.19 and its two-hundred day moving average is $311.66. The firm has a market capitalization of $97.76 billion, a PE ratio of 43.89, a PEG ratio of 4.16 and a beta of 1.14. Palo Alto Networks, Inc. has a 52 week low of $201.17 and a 52 week high of $380.84.

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

Analyst Ratings Changes

Several research firms have recently weighed in on PANW. Citigroup lifted their price objective on Palo Alto Networks from $335.00 to $345.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Wedbush reiterated an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 21st. JPMorgan Chase & Co. lifted their price objective on Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Sanford C. Bernstein lifted their price objective on Palo Alto Networks from $335.00 to $364.00 and gave the company an “outperform” rating in a report on Tuesday, May 21st. Finally, Royal Bank of Canada cut their target price on Palo Alto Networks from $365.00 to $360.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 21st. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks has a consensus rating of “Moderate Buy” and an average target price of $325.59.

Palo Alto Networks Company 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.