Zions Bancorporation N.A. Decreases Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Zions Bancorporation N.A. decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 12.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 14,929 shares of the network technology company’s stock after selling 2,218 shares during the period. Zions Bancorporation N.A.’s holdings in Palo Alto Networks were worth $5,061,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Pathway Financial Advisers LLC purchased a new stake in Palo Alto Networks during the 1st quarter valued at about $25,000. Frank Rimerman Advisors LLC purchased a new stake in Palo Alto Networks in the fourth quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its holdings in Palo Alto Networks by 3,200.0% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after buying an additional 96 shares during the period. Ulland Investment Advisors LLC purchased a new position in Palo Alto Networks during the 1st quarter worth approximately $30,000. Finally, Central Bank & Trust Co. lifted its stake in Palo Alto Networks by 89.3% during the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Trading Up 1.0 %

NASDAQ:PANW opened at $345.16 on Friday. Palo Alto Networks, Inc. has a 12-month low of $224.64 and a 12-month high of $380.84. The firm has a market cap of $112.38 billion, a PE ratio of 50.17, a price-to-earnings-growth ratio of 4.98 and a beta of 1.13. The stock has a fifty day moving average price of $336.11 and a 200 day moving average price of $311.87.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 EPS. Equities analysts forecast that Palo Alto Networks, Inc. will post 3.55 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Lee Klarich sold 125,866 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $335.00, for a total value of $42,165,110.00. Following the completion of the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $55,791,570. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, President William D. Jenkins, Jr. sold 1,475 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $339.12, for a total value of $500,202.00. Following the completion of the sale, the president now owns 19,026 shares in the company, valued at approximately $6,452,097.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 125,866 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the transaction, the executive vice president now directly owns 166,542 shares in the company, valued at $55,791,570. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PANW has been the subject of several analyst reports. Stifel Nicolaus boosted their price objective on Palo Alto Networks from $360.00 to $385.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Argus boosted their price target on Palo Alto Networks from $336.00 to $348.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Daiwa Capital Markets assumed coverage on shares of Palo Alto Networks in a research note on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price objective on the stock. Piper Sandler lifted their target price 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. Finally, Robert W. Baird increased their price target on shares of Palo Alto Networks from $360.00 to $375.00 and gave the stock an “outperform” rating in a report on Friday, August 16th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $366.08.

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.