Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky lowered its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,693 shares of the network technology company’s stock after selling 295 shares during the period. Independence Bank of Kentucky’s holdings in Palo Alto Networks were worth $1,902,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC purchased a new position in Palo Alto Networks in the fourth quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. lifted its position in Palo Alto Networks by 3,200.0% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 99 shares of the network technology company’s stock valued at $28,000 after buying an additional 96 shares during the last quarter. Webster Bank N. A. boosted its stake in Palo Alto Networks by 607.1% during the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after buying an additional 85 shares during the period. Cedar Mountain Advisors LLC increased its position in shares of Palo Alto Networks by 87.0% during the fourth quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after acquiring an additional 47 shares during the last quarter. Finally, Central Bank & Trust Co. boosted its position in shares of Palo Alto Networks by 89.3% during the 1st quarter. Central Bank & Trust Co. now owns 106 shares of the network technology company’s stock worth $30,000 after purchasing an additional 50 shares during the period. 79.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PANW shares. Argus upped their price target on Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. DA Davidson started coverage on Palo Alto Networks in a research report on Friday, June 21st. They issued a “buy” rating and a $380.00 target price for the company. Daiwa America raised shares of Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. JMP Securities restated a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a report on Tuesday, May 21st. Finally, Oppenheimer reiterated an “outperform” rating and set a $330.00 target price on shares of Palo Alto Networks in a report on Tuesday, May 21st. Twelve equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $326.29.

Insider Buying and Selling at Palo Alto Networks

In related news, Director John P. Key sold 2,163 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $305.41, for a total transaction of $660,601.83. Following the completion of the transaction, the director now directly owns 12,639 shares of the company’s stock, valued at $3,860,076.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the completion of the sale, the executive vice president now owns 174,075 shares of the company’s stock, valued at $46,659,063. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John P. Key sold 2,163 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $305.41, for a total transaction of $660,601.83. Following the transaction, the director now directly owns 12,639 shares in the company, valued at $3,860,076.99. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,182 shares of company stock valued at $74,850,597. 3.30% of the stock is owned by company insiders.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW traded down $1.81 on Friday, reaching $339.01. The company’s stock had a trading volume of 4,172,306 shares, compared to its average volume of 3,168,419. Palo Alto Networks, Inc. has a 52-week low of $201.17 and a 52-week high of $380.84. The stock has a market capitalization of $109.77 billion, a P/E ratio of 49.27, a PEG ratio of 5.22 and a beta of 1.10. The stock’s 50-day moving average is $307.06 and its two-hundred day moving average is $307.14.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings data on Monday, May 20th. The network technology company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.07. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the firm earned $0.38 EPS. Equities analysts forecast that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current fiscal year.

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.