Argent Trust Co Boosts Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Argent Trust Co grew its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 16,289 shares of the network technology company’s stock after buying an additional 861 shares during the period. Argent Trust Co’s holdings in Palo Alto Networks were worth $5,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in Palo Alto Networks in the 1st quarter worth $25,000. Frank Rimerman Advisors LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth $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 acquiring an additional 96 shares in the last quarter. Ulland Investment Advisors LLC purchased a new stake in Palo Alto Networks in the 1st quarter worth $30,000. Finally, ICA Group Wealth Management LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth $31,000. 79.82% of the stock is owned by hedge funds and other institutional investors.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $337.93 on Wednesday. The firm has a market capitalization of $110.03 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 5.03 and a beta of 1.13. The firm’s 50-day moving average is $336.41 and its two-hundred day moving average is $312.63. Palo Alto Networks, Inc. has a 1 year low of $224.64 and a 1 year high of $380.84.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the firm earned $0.80 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts expect that Palo Alto Networks, Inc. will post 3.55 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Scotiabank boosted their price target on shares of Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. Wedbush reaffirmed an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Argus lifted their target price on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a research note on Monday, August 19th. Finally, Oppenheimer lifted their target price on shares of Palo Alto Networks from $390.00 to $410.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Thirteen 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’s stock. According to MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus price target of $366.08.

Insider Buying and Selling

In related news, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares in the company, valued at $219,505,142.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Nikesh Arora sold 66,666 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $342.98, for a total transaction of $22,865,104.68. Following the sale, the chief executive officer now directly owns 639,994 shares in the company, valued at $219,505,142.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lee Klarich sold 125,866 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 166,542 shares in the company, valued at $55,791,570. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 464,075 shares of company stock worth $154,029,567. Company 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.