Eastern Bank lifted its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 124.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,712 shares of the network technology company’s stock after purchasing an additional 75,674 shares during the quarter. Eastern Bank’s holdings in Palo Alto Networks were worth $46,728,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Kathmere Capital Management LLC increased its stake in shares of Palo Alto Networks by 3.4% during the second quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after buying an additional 30 shares during the period. FLC Capital Advisors raised its position in Palo Alto Networks by 0.7% during the third quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after acquiring an additional 30 shares during the period. Cascade Investment Group Inc. boosted its stake in Palo Alto Networks by 2.9% during the 2nd quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock worth $376,000 after purchasing an additional 31 shares during the last quarter. Herbst Group LLC boosted its stake in Palo Alto Networks by 0.3% during the third quarter. Herbst Group LLC now owns 9,692 shares of the network technology company’s stock worth $3,313,000 after buying an additional 31 shares during the last quarter. Finally, First PREMIER Bank increased its stake in Palo Alto Networks by 48.4% during the third quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock worth $32,000 after acquiring an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.
Palo Alto Networks Stock Performance
Shares of PANW stock traded down $2.59 during midday trading on Tuesday, hitting $375.82. 610,258 shares of the company were exchanged, compared to its average volume of 4,010,293. The firm has a market capitalization of $121.69 billion, a P/E ratio of 54.48, a PEG ratio of 5.42 and a beta of 1.13. The firm’s 50 day moving average price is $349.61 and its two-hundred day moving average price is $324.19. Palo Alto Networks, Inc. has a 52 week low of $233.81 and a 52 week high of $384.00.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on PANW shares. Robert W. Baird upped their target price on shares of Palo Alto Networks from $360.00 to $375.00 and gave the stock an “outperform” rating in a research note on Friday, August 16th. BMO Capital Markets upped their target price on shares of Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Sanford C. Bernstein upped their target price on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. Truist Financial increased their target price on Palo Alto Networks from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Palo Alto Networks from $330.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $376.82.
Read Our Latest Research Report on PANW
Insider Buying and Selling
In other Palo Alto Networks news, EVP Nir Zuk sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $317.77, for a total transaction of $11,439,720.00. Following the completion of the transaction, the executive vice president now owns 1,187,567 shares of the company’s stock, valued at $377,373,165.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 200 shares of the firm’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 directly owns 24,782 shares of the company’s stock, valued at $8,014,746.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 351,452 shares of company stock worth $118,643,279. Insiders own 3.30% of the company’s stock.
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.
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