Grove Bank & Trust Purchases 39 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Grove Bank & Trust boosted its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 18.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 251 shares of the network technology company’s stock after acquiring an additional 39 shares during the quarter. Grove Bank & Trust’s holdings in Palo Alto Networks were worth $86,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PANW. Sunbelt Securities Inc. lifted its holdings in shares of Palo Alto Networks by 91.0% during the first quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after purchasing an additional 802 shares in the last quarter. Alpha Cubed Investments LLC lifted its stake in Palo Alto Networks by 16.4% during the 3rd quarter. Alpha Cubed Investments LLC now owns 231,566 shares of the network technology company’s stock valued at $79,149,000 after acquiring an additional 32,626 shares during the period. Jennison Associates LLC boosted its holdings in shares of Palo Alto Networks by 7.6% during the 1st quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after acquiring an additional 198,078 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of Palo Alto Networks by 48.4% during the 1st quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock valued at $7,502,000 after acquiring an additional 8,611 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its holdings in shares of Palo Alto Networks by 1.7% during the first quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock valued at $1,244,000 after purchasing an additional 75 shares during the last quarter. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PANW has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $380.00 target price on shares of Palo Alto Networks in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price objective on Palo Alto Networks from $340.00 to $365.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. BTIG Research upped their price objective on Palo Alto Networks from $366.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. DA Davidson raised their target price on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Finally, TD Cowen increased their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Eleven research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $372.28.

Insider Buying and Selling

In other Palo Alto Networks news, CAO Josh D. Paul sold 200 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the transaction, the chief accounting officer now owns 24,782 shares in the company, valued at $8,014,746.62. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Nikesh Arora sold 81,586 shares of the firm’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the sale, the chief executive officer now directly owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 200 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total value of $64,682.00. Following the completion of the transaction, the chief accounting officer now directly owns 24,782 shares in the company, valued at $8,014,746.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 351,452 shares of company stock worth $118,643,279 over the last three months. 3.30% of the stock is owned by insiders.

Palo Alto Networks Stock Performance

Shares of PANW opened at $374.44 on Wednesday. Palo Alto Networks, Inc. has a fifty-two week low of $233.81 and a fifty-two week high of $380.84. The company’s fifty day moving average is $345.25 and its 200 day moving average is $321.26. The stock has a market capitalization of $121.24 billion, a PE ratio of 54.42, a P/E/G ratio of 5.26 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. As a group, research analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

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.