Texas Bank & Trust Co Invests $948,000 in Palo Alto Networks, Inc. (NASDAQ:PANW)

Texas Bank & Trust Co purchased a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) during the fourth quarter, HoldingsChannel reports. The firm purchased 5,209 shares of the network technology company’s stock, valued at approximately $948,000.

A number of other hedge funds also recently modified their holdings of PANW. Vanguard Group Inc. lifted its holdings in Palo Alto Networks by 104.4% in the fourth quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company’s stock valued at $11,142,122,000 after buying an additional 31,281,359 shares during the period. Geode Capital Management LLC lifted its holdings in Palo Alto Networks by 87.8% in the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company’s stock valued at $2,611,013,000 after buying an additional 6,725,148 shares during the period. Capital Research Global Investors lifted its holdings in Palo Alto Networks by 83.8% in the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company’s stock valued at $1,533,419,000 after buying an additional 3,841,359 shares during the period. Northern Trust Corp lifted its holdings in Palo Alto Networks by 133.7% in the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company’s stock valued at $1,427,048,000 after buying an additional 4,486,654 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Palo Alto Networks by 17.6% in the fourth quarter. Ameriprise Financial Inc. now owns 7,277,739 shares of the network technology company’s stock valued at $1,324,387,000 after buying an additional 1,088,631 shares during the period. Institutional investors and hedge funds own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades

PANW has been the topic of several recent analyst reports. Truist Financial dropped their target price on shares of Palo Alto Networks from $213.00 to $205.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Citigroup boosted their target price on shares of Palo Alto Networks from $205.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. HSBC upgraded shares of Palo Alto Networks from a “reduce” rating to a “hold” rating and set a $156.00 target price on the stock in a report on Thursday, April 10th. Hsbc Global Res raised shares of Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a research note on Thursday, April 10th. Finally, Roth Capital began coverage on shares of Palo Alto Networks in a research note on Thursday. They issued a “neutral” rating and a $210.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and an average target price of $203.46.

Palo Alto Networks Stock Up 0.0%

PANW opened at $192.98 on Friday. The stock has a market cap of $127.77 billion, a price-to-earnings ratio of 108.72, a PEG ratio of 5.64 and a beta of 1.02. Palo Alto Networks, Inc. has a twelve month low of $142.01 and a twelve month high of $208.39. The company’s 50-day moving average price is $177.37 and its two-hundred day moving average price is $185.13.

Palo Alto Networks (NASDAQ:PANW) last released its earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. As a group, sell-side analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling at Palo Alto Networks

In other Palo Alto Networks news, EVP Lee Klarich sold 120,774 shares of the business’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the transaction, the executive vice president now directly owns 293,010 shares in the company, valued at $55,458,002.70. The trade was a 29.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nir Zuk sold 100,000 shares of the business’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the completion of the transaction, the executive vice president now owns 3,543,516 shares in the company, valued at approximately $586,132,981.56. The trade was a 2.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 568,962 shares of company stock worth $96,933,690 over the last three months. 2.50% of the stock is currently owned by insiders.

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.