Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Bought by Independence Bank of Kentucky

Independence Bank of Kentucky grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,085 shares of the network technology company’s stock after acquiring an additional 109 shares during the period. Independence Bank of Kentucky’s holdings in Palo Alto Networks were worth $2,422,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Clarius Group LLC raised its position in shares of Palo Alto Networks by 0.6% during the 3rd quarter. Clarius Group LLC now owns 5,939 shares of the network technology company’s stock worth $2,051,000 after purchasing an additional 37 shares during the last quarter. Franklin Street Advisors Inc. NC grew its stake in Palo Alto Networks by 1.7% in the 3rd quarter. Franklin Street Advisors Inc. NC now owns 47,436 shares of the network technology company’s stock worth $16,214,000 after acquiring an additional 797 shares during the period. Watts Gwilliam & Co. LLC purchased a new stake in Palo Alto Networks in the 3rd quarter worth approximately $255,000. Pinnacle Bancorp Inc. grew its stake in Palo Alto Networks by 61.0% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 845 shares of the network technology company’s stock worth $289,000 after acquiring an additional 320 shares during the period. Finally, Capital Insight Partners LLC grew its stake in Palo Alto Networks by 3.5% in the 3rd quarter. Capital Insight Partners LLC now owns 6,040 shares of the network technology company’s stock worth $2,064,000 after acquiring an additional 203 shares during the period. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Oppenheimer boosted their price objective on shares of Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. UBS Group boosted their price objective on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Redburn Atlantic cut shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $350.00 to $325.00 in a research note on Thursday, July 18th. Bank of America boosted their price objective 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. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a report on Monday, August 19th. Eleven analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks presently has an average rating of “Moderate Buy” and an average price target of $372.28.

Insider Activity

In other news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total value of $11,439,720.00. Following the completion of the transaction, the executive vice president now directly owns 1,187,567 shares in the company, valued at $377,373,165.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Josh D. Paul sold 200 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 24,782 shares of the company’s stock, valued at $8,014,746.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the sale, the executive vice president now owns 1,187,567 shares of the company’s stock, valued at approximately $377,373,165.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,866 shares of company stock worth $88,620,447 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Up 0.6 %

NASDAQ PANW traded up $2.14 on Friday, hitting $371.54. The stock had a trading volume of 97,207 shares, compared to its average volume of 4,070,066. Palo Alto Networks, Inc. has a one year low of $233.81 and a one year high of $380.84. The stock has a market cap of $120.97 billion, a price-to-earnings ratio of 50.95, a P/E/G ratio of 5.26 and a beta of 1.13. The company’s 50-day moving average is $340.85 and its two-hundred day moving average is $318.89.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the firm earned $0.80 EPS. Palo Alto Networks’s quarterly revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Palo Alto Networks 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.