Legacy Private Trust Co. Takes Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Legacy Private Trust Co. bought a new position in Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,819 shares of the network technology company’s stock, valued at approximately $1,647,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Kathmere Capital Management LLC increased its holdings in shares of Palo Alto Networks by 3.4% in the second quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock worth $312,000 after buying an additional 30 shares during the period. Cascade Investment Group Inc. grew its position 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 acquiring an additional 31 shares during the last quarter. Herbst Group LLC increased its stake in Palo Alto Networks by 0.3% in the 3rd quarter. Herbst Group LLC now owns 9,692 shares of the network technology company’s stock worth $3,313,000 after purchasing an additional 31 shares during the period. Sheets Smith Wealth Management lifted its position in Palo Alto Networks by 2.4% in the first quarter. Sheets Smith Wealth Management now owns 1,479 shares of the network technology company’s stock valued at $420,000 after purchasing an additional 34 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. boosted its stake in shares of Palo Alto Networks by 41.2% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 120 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Analysts Set New Price Targets

PANW has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Palo Alto Networks from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Stifel Nicolaus increased their target price on shares of Palo Alto Networks from $360.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. The Goldman Sachs Group raised their target price on Palo Alto Networks from $376.00 to $425.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler upped their price target on Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, KeyCorp lifted their price objective on Palo Alto Networks from $380.00 to $400.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Eleven equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $371.50.

Insider Buying and Selling

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total value of $3,484,900.00. Following the sale, the director now owns 31,517 shares of the company’s stock, valued at $10,983,359.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total value of $3,484,900.00. Following the sale, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Lee Klarich sold 60,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the transaction, the executive vice president now owns 159,009 shares of the company’s stock, valued at approximately $47,055,533.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 269,866 shares of company stock valued at $88,620,447 in the last three months. 3.30% of the stock is owned by corporate insiders.

Palo Alto Networks Stock Performance

Shares of PANW opened at $355.13 on Wednesday. The company’s 50-day simple moving average is $338.26 and its 200-day simple moving average is $317.74. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $380.84. The stock has a market capitalization of $114.99 billion, a PE ratio of 51.62, a P/E/G ratio of 4.82 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last released its 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. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.80 EPS. On average, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Palo Alto Networks Company 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.