Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 6.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,357 shares of the network technology company's stock after selling 6,096 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Palo Alto Networks were worth $32,935,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Kathmere Capital Management LLC boosted its holdings in shares of Palo Alto Networks by 3.4% in the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company's stock worth $312,000 after purchasing an additional 30 shares in the last quarter. FLC Capital Advisors grew its holdings in shares of Palo Alto Networks by 0.7% during the 3rd quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company's stock worth $1,379,000 after acquiring an additional 30 shares during the period. Cromwell Holdings LLC grew its position in shares of Palo Alto Networks by 3.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,044 shares of the network technology company's stock worth $357,000 after buying an additional 30 shares during the period. Rosenberg Matthew Hamilton lifted its holdings in shares of Palo Alto Networks by 9.4% during the third quarter. Rosenberg Matthew Hamilton now owns 348 shares of the network technology company's stock valued at $119,000 after purchasing an additional 30 shares during the last quarter. Finally, Geneva Partners LLC grew its position in Palo Alto Networks by 0.3% during the 3rd quarter. Geneva Partners LLC now owns 10,945 shares of the network technology company's stock valued at $3,741,000 after purchasing an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company's stock.

Insider Transactions at Palo Alto Networks

In other news, Director Mary Pat Mccarthy sold 10,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 31,517 shares in the company, valued at $10,983,359.33. This represents a 24.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Nikesh Arora sold 81,586 shares of Palo Alto Networks stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the sale, the chief executive officer now directly owns 618,715 shares in the company, valued at approximately $227,680,932.85. The trade was a 11.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 254,252 shares of company stock valued at $89,041,637 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Up 1.2 %

Shares of NASDAQ:PANW traded up $4.52 during trading on Thursday, hitting $397.41. The stock had a trading volume of 6,258,338 shares, compared to its average volume of 3,859,589. The stock has a 50-day simple moving average of $362.55 and a two-hundred day simple moving average of $338.41. The stock has a market capitalization of $129.40 billion, a price-to-earnings ratio of 54.31, a price-to-earnings-growth ratio of 5.63 and a beta of 1.12. Palo Alto Networks, Inc. has a 12-month low of $260.09 and a 12-month high of $408.53.

Palo Alto Networks's stock is scheduled to split on Monday, December 16th. The 2-1 split was announced on Wednesday, November 20th. The newly created shares will be distributed to shareholders after the closing bell on Friday, December 13th.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last announced its quarterly earnings results on Wednesday, November 20th. The network technology company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.08. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same period last year, the firm earned $0.63 EPS. The firm's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on PANW. Piper Sandler increased their price objective on Palo Alto Networks from $330.00 to $385.00 and gave the company a "neutral" rating in a research report on Thursday. Rosenblatt Securities raised Palo Alto Networks from a "neutral" rating to a "buy" rating and raised their target price for the stock from $390.00 to $430.00 in a research report on Thursday. Scotiabank increased their price objective on shares of Palo Alto Networks from $385.00 to $400.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, August 20th. Oppenheimer reiterated an "outperform" rating and set a $450.00 target price on shares of Palo Alto Networks in a research report on Thursday. Finally, Sanford C. Bernstein boosted their price objective on Palo Alto Networks from $364.00 to $399.00 and gave the company an "outperform" rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $404.62.

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.