Utah Retirement Systems lessened its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 17,215 shares of the network technology company’s stock after selling 969 shares during the period. Utah Retirement Systems’ holdings in Palo Alto Networks were worth $8,246,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Essex Savings Bank grew its holdings in Palo Alto Networks by 3.0% during the 3rd quarter. Essex Savings Bank now owns 686 shares of the network technology company’s stock worth $317,000 after acquiring an additional 20 shares during the period. Rossmore Private Capital grew its holdings in shares of Palo Alto Networks by 1.0% in the 3rd quarter. Rossmore Private Capital now owns 2,094 shares of the network technology company’s stock valued at $1,003,000 after buying an additional 20 shares during the period. FineMark National Bank & Trust grew its holdings in shares of Palo Alto Networks by 2.6% in the 3rd quarter. FineMark National Bank & Trust now owns 794 shares of the network technology company’s stock valued at $380,000 after buying an additional 20 shares during the period. Montecito Bank & Trust grew its holdings in shares of Palo Alto Networks by 1.6% in the 3rd quarter. Montecito Bank & Trust now owns 1,460 shares of the network technology company’s stock valued at $699,000 after buying an additional 23 shares during the period. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Palo Alto Networks by 32.9% in the 3rd quarter. Parkside Financial Bank & Trust now owns 93 shares of the network technology company’s stock valued at $44,000 after buying an additional 23 shares during the period. 85.19% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Nir Zuk sold 12,000 shares of the firm’s stock in a transaction on Tuesday, February 1st. The shares were sold at an average price of $510.38, for a total transaction of $6,124,560.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nikesh Arora sold 9,375 shares of the firm’s stock in a transaction on Monday, November 29th. The shares were sold at an average price of $544.37, for a total transaction of $5,103,468.75. The disclosure for this sale can be found here. In the last three months, insiders sold 50,000 shares of company stock valued at $26,621,550. 2.20% of the stock is owned by insiders.
Shares of Palo Alto Networks stock opened at $475.51 on Wednesday. The company has a 50 day moving average of $519.66 and a 200-day moving average of $495.76. Palo Alto Networks, Inc. has a 1-year low of $311.56 and a 1-year high of $572.67. The company has a market cap of $46.92 billion, a PE ratio of -90.23 and a beta of 1.37.
Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Tuesday, February 22nd. The network technology company reported $1.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.09. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Palo Alto Networks had a negative net margin of 11.20% and a negative return on equity of 26.86%. The firm’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.42) EPS. As a group, equities analysts predict that Palo Alto Networks, Inc. will post -1.19 earnings per share for the current year.
Several equities analysts have recently issued reports on the stock. Loop Capital boosted their price target on shares of Palo Alto Networks from $475.00 to $530.00 and gave the company a “hold” rating in a report on Friday, November 19th. BMO Capital Markets boosted their price target on shares of Palo Alto Networks from $560.00 to $615.00 and gave the company an “outperform” rating in a report on Friday, November 19th. Raymond James boosted their price objective on shares of Palo Alto Networks from $600.00 to $610.00 and gave the company an “outperform” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Palo Alto Networks from $525.00 to $600.00 and gave the company a “buy” rating in a research report on Friday, November 19th. Finally, JPMorgan Chase & Co. raised shares of Palo Alto Networks from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $600.00 to $620.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirty have issued a buy rating to the stock. According to data from MarketBeat, Palo Alto Networks has a consensus rating of “Buy” and a consensus target price of $603.27.
Palo Alto Networks Profile
Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.
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