1ST Source Bank Has $7.99 Million Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

1ST Source Bank lifted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 98.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,922 shares of the network technology company’s stock after buying an additional 21,740 shares during the period. 1ST Source Bank’s holdings in Palo Alto Networks were worth $7,992,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of PANW. Tradewinds LLC. grew its holdings in Palo Alto Networks by 1.2% during the third quarter. Tradewinds LLC. now owns 2,315 shares of the network technology company’s stock valued at $791,000 after purchasing an additional 28 shares during the period. First Dallas Securities Inc. grew its holdings in Palo Alto Networks by 1.4% during the third quarter. First Dallas Securities Inc. now owns 2,130 shares of the network technology company’s stock valued at $728,000 after purchasing an additional 30 shares during the period. AMG National Trust Bank grew its holdings in Palo Alto Networks by 2.9% during the third quarter. AMG National Trust Bank now owns 1,220 shares of the network technology company’s stock valued at $417,000 after purchasing an additional 34 shares during the period. RB Capital Management LLC grew its holdings in Palo Alto Networks by 1.5% during the third quarter. RB Capital Management LLC now owns 2,492 shares of the network technology company’s stock valued at $852,000 after purchasing an additional 36 shares during the period. Finally, Drive Wealth Management LLC grew its holdings in Palo Alto Networks by 4.3% during the third quarter. Drive Wealth Management LLC now owns 928 shares of the network technology company’s stock valued at $317,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Insider Activity

In other news, EVP Lee Klarich sold 99,707 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $182.45, for a total transaction of $18,191,542.15. Following the transaction, the executive vice president now directly owns 358,197 shares of the company’s stock, valued at $65,353,042.65. This represents a 21.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Josh D. Paul sold 700 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $181.22, for a total value of $126,854.00. Following the completion of the transaction, the chief accounting officer now directly owns 47,976 shares in the company, valued at approximately $8,694,210.72. This represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,122,864 shares of company stock valued at $204,315,811 in the last ninety days. 2.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. JMP Securities raised their price target on Palo Alto Networks from $208.00 to $212.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Susquehanna raised their price target on Palo Alto Networks from $217.50 to $230.00 and gave the stock a “positive” rating in a report on Tuesday, February 18th. Citigroup lifted their price objective on Palo Alto Networks from $205.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. BTIG Research lowered Palo Alto Networks from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 8th. Finally, Evercore ISI dropped their price objective on Palo Alto Networks from $455.00 to $230.00 and set an “outperform” rating for the company in a research note on Tuesday, December 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $205.06.

Palo Alto Networks Price Performance

PANW opened at $182.34 on Monday. The business has a 50 day simple moving average of $185.63 and a two-hundred day simple moving average of $184.93. Palo Alto Networks, Inc. has a one year low of $132.50 and a one year high of $208.39. The firm has a market capitalization of $120.73 billion, a price-to-earnings ratio of 102.73, a PEG ratio of 5.64 and a beta of 1.04.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.06. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

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.