Coastline Trust Co Increases Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Coastline Trust Co lifted its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 12.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,111 shares of the network technology company's stock after buying an additional 4,245 shares during the quarter. Palo Alto Networks comprises about 1.5% of Coastline Trust Co's holdings, making the stock its 15th biggest holding. Coastline Trust Co's holdings in Palo Alto Networks were worth $13,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of PANW. International Assets Investment Management LLC grew its position in shares of Palo Alto Networks by 34,318.2% during the third quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company's stock worth $1,113,948,000 after acquiring an additional 3,249,594 shares during the last quarter. Swedbank AB purchased a new position in Palo Alto Networks during the 1st quarter worth $177,933,000. Altshuler Shaham Ltd increased its stake in Palo Alto Networks by 444,100.0% in the second quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company's stock valued at $150,520,000 after purchasing an additional 444,100 shares during the period. Congress Asset Management Co. purchased a new stake in shares of Palo Alto Networks in the third quarter valued at about $94,875,000. Finally, Legal & General Group Plc boosted its stake in shares of Palo Alto Networks by 8.5% during the second quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company's stock worth $1,099,564,000 after buying an additional 255,060 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 subject of several analyst reports. Piper Sandler upped their price objective on Palo Alto Networks from $300.00 to $330.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Wedbush reaffirmed an "outperform" rating and set a $375.00 price target on shares of Palo Alto Networks in a report on Friday, August 16th. Sanford C. Bernstein lifted their price objective on shares of Palo Alto Networks from $364.00 to $399.00 and gave the company an "outperform" rating in a research report on Tuesday, August 20th. TD Cowen upped their price objective on shares of Palo Alto Networks from $350.00 to $400.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. Finally, Susquehanna lifted their target price on shares of Palo Alto Networks from $340.00 to $420.00 and gave the company a "positive" rating in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have given a buy rating and two have issued 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 $381.56.

Palo Alto Networks Stock Down 1.9 %

Shares of NASDAQ:PANW traded down $7.39 during midday trading on Friday, reaching $387.00. The company's stock had a trading volume of 2,204,087 shares, compared to its average volume of 3,849,976. The firm has a market cap of $126.01 billion, a price-to-earnings ratio of 53.38, a price-to-earnings-growth ratio of 5.84 and a beta of 1.12. The business has a 50 day moving average price of $359.86 and a 200 day moving average price of $336.07. Palo Alto Networks, Inc. has a 1 year low of $234.15 and a 1 year high of $408.53.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.16 billion. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The firm's revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. Sell-side analysts anticipate that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the transaction, the chief executive officer now directly owns 618,715 shares of the company's stock, valued at approximately $227,680,932.85. This trade represents a 11.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the business's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $344.98, for a total value of $20,698,800.00. Following the sale, the executive vice president now directly owns 159,009 shares of the company's stock, valued at approximately $54,854,924.82. This trade represents a 27.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,252 shares of company stock valued at $89,383,077 over the last quarter. Company 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.