Washington Trust Bank Has $24.16 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Washington Trust Bank cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,687 shares of the network technology company’s stock after selling 916 shares during the quarter. Palo Alto Networks accounts for about 2.3% of Washington Trust Bank’s holdings, making the stock its 8th biggest holding. Washington Trust Bank’s holdings in Palo Alto Networks were worth $24,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PANW. Pathway Financial Advisers LLC purchased a new position in shares of Palo Alto Networks in the first quarter worth $25,000. Capital Advisors Ltd. LLC increased its stake in shares of Palo Alto Networks by 113.9% in the third quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after buying an additional 41 shares during the period. Sound Income Strategies LLC increased its stake in shares of Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 67 shares during the period. Strategic Investment Solutions Inc. IL increased its stake in shares of Palo Alto Networks by 177.4% in the third quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after buying an additional 55 shares during the period. Finally, Cape Investment Advisory Inc. boosted its holdings in Palo Alto Networks by 1,111.1% in the first quarter. Cape Investment Advisory Inc. now owns 109 shares of the network technology company’s stock valued at $31,000 after acquiring an additional 100 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PANW. Robert W. Baird lifted their price target on shares of Palo Alto Networks from $360.00 to $375.00 and gave the company an “outperform” rating in a report on Friday, August 16th. Cantor Fitzgerald upgraded shares of Palo Alto Networks to a “strong-buy” rating in a report on Friday, November 1st. UBS Group boosted their target price on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. OTR Global reiterated a “negative” rating on shares of Palo Alto Networks in a research note on Thursday. Finally, Redburn Atlantic cut shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $350.00 to $325.00 in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks has an average rating of “Moderate Buy” and an average target price of $378.49.

Palo Alto Networks Stock Performance

Shares of PANW traded down $5.79 during midday trading on Thursday, hitting $379.39. The company had a trading volume of 156,656 shares, compared to its average volume of 3,890,563. The company’s 50-day simple moving average is $353.98 and its 200-day simple moving average is $331.32. Palo Alto Networks, Inc. has a 1 year low of $234.15 and a 1 year high of $386.20. The firm has a market capitalization of $123.53 billion, a P/E ratio of 53.13, a P/E/G ratio of 5.23 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.10. The business 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 company’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $0.80 EPS. Equities analysts predict that Palo Alto Networks, Inc. will post 3.57 earnings per share for the current fiscal year.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 1,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $341.44, for a total value of $341,440.00. Following the completion of the transaction, the director now owns 41,517 shares in the company, valued at $14,175,564.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Nir Zuk sold 36,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $332.50, for a total transaction of $11,970,000.00. Following the completion of the sale, the executive vice president now owns 1,115,567 shares in the company, valued at approximately $370,926,027.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 1,000 shares of Palo Alto Networks stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $341.44, for a total value of $341,440.00. Following the completion of the transaction, the director now owns 41,517 shares in the company, valued at $14,175,564.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 255,252 shares of company stock valued at $89,383,077. Corporate insiders own 2.50% of the company’s stock.

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.