CNB Bank Sells 143 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

by · The Markets Daily

CNB Bank cut its stake in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 4.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,947 shares of the network technology company’s stock after selling 143 shares during the period. CNB Bank’s holdings in Palo Alto Networks were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Pathway Financial Advisers LLC bought a new position in Palo Alto Networks in the 1st quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. increased its stake in shares of Palo Alto Networks by 3,200.0% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock worth $28,000 after purchasing an additional 96 shares during the period. Sound Income Strategies LLC lifted its holdings in Palo Alto Networks by 352.6% during the 3rd quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 67 shares during the last quarter. Central Bank & Trust Co. boosted its stake in Palo Alto Networks by 89.3% in the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock valued at $30,000 after purchasing an additional 50 shares during the period. Finally, Cape Investment Advisory Inc. grew its holdings in Palo Alto Networks by 1,111.1% in the 1st quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock valued at $31,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Price Performance

Shares of NASDAQ PANW opened at $374.83 on Friday. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $380.84. The firm has a market cap of $121.37 billion, a PE ratio of 54.48, a price-to-earnings-growth ratio of 5.42 and a beta of 1.13. The company has a 50 day simple moving average of $348.67 and a 200 day simple moving average of $323.01.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly 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 during 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 revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, research analysts anticipate that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction dated 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total value of $30,022,832.14. Following 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nir Zuk sold 36,000 shares of Palo Alto Networks stock in a transaction 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 transaction, the executive vice president now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 351,452 shares of company stock worth $118,643,279. Insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of recent research reports. BNP Paribas assumed coverage on shares of Palo Alto Networks in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $410.00 target price for the company. Redburn Atlantic downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and cut their price objective for the company from $350.00 to $325.00 in a report on Thursday, July 18th. UBS Group raised their target price on shares of Palo Alto Networks from $345.00 to $355.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Oppenheimer boosted their price target on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC raised their price objective on Palo Alto Networks from $345.00 to $385.00 and gave the stock 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $375.79.

Get Our Latest Analysis on Palo Alto Networks

Palo Alto Networks Company Profile

(Free Report)

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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