Coastline Trust Co Increases Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Coastline Trust Co boosted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 12.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 38,111 shares of the network technology company’s stock after buying an additional 4,245 shares during the quarter. Palo Alto Networks comprises approximately 1.5% of Coastline Trust Co’s investment portfolio, making the stock its 15th biggest holding. Coastline Trust Co’s holdings in Palo Alto Networks were worth $13,026,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PANW. Mainstream Capital Management LLC acquired a new stake in shares of Palo Alto Networks during the 3rd quarter worth $1,156,000. Alpha Cubed Investments LLC increased its stake in Palo Alto Networks by 16.4% during the third quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock worth $79,149,000 after acquiring an additional 32,626 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Palo Alto Networks by 3.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 196,700 shares of the network technology company’s stock worth $67,232,000 after purchasing an additional 7,291 shares during the period. Harvest Portfolios Group Inc. acquired a new position in shares of Palo Alto Networks in the 3rd quarter valued at about $24,414,000. Finally, Parsons Capital Management Inc. RI grew its holdings in shares of Palo Alto Networks by 4.5% during the 2nd quarter. Parsons Capital Management Inc. RI now owns 2,695 shares of the network technology company’s stock worth $914,000 after purchasing an additional 116 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PANW shares. Piper Sandler raised their price target on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Bank of America raised their target price on shares of Palo Alto Networks from $370.00 to $400.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Citigroup upped their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Susquehanna raised their price objective on Palo Alto Networks from $340.00 to $420.00 and gave the company a “positive” rating in a research report on Thursday, September 5th. Finally, OTR Global reaffirmed a “negative” rating on shares of Palo Alto Networks in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $381.56.

Palo Alto Networks Stock Down 1.9 %

Shares of PANW stock opened at $387.00 on Friday. The company has a market cap of $126.01 billion, a P/E ratio of 53.38, a PEG ratio of 5.84 and a beta of 1.12. The business has a 50 day moving average of $359.86 and a two-hundred day moving average of $336.07. Palo Alto Networks, Inc. has a 52 week low of $234.15 and a 52 week high of $408.53.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. Analysts expect that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Insider Activity

In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the sale, the executive vice president now owns 159,009 shares in the company, valued at approximately $54,854,924.82. This trade represents a 27.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total value 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 represents a 2.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,252 shares of company stock valued at $89,383,077. 2.50% of the stock is currently owned by company insiders.

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.