1ST Source Bank Buys 21,740 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

1ST Source Bank grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 98.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,922 shares of the network technology company’s stock after buying an additional 21,740 shares during the period. 1ST Source Bank’s holdings in Palo Alto Networks were worth $7,992,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. bought a new position in Palo Alto Networks during the third quarter worth about $29,000. True Wealth Design LLC boosted its holdings in Palo Alto Networks by 2,933.3% during the third quarter. True Wealth Design LLC now owns 91 shares of the network technology company’s stock worth $31,000 after buying an additional 88 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Palo Alto Networks during the third quarter worth about $32,000. Darwin Wealth Management LLC acquired a new stake in shares of Palo Alto Networks during the third quarter worth about $39,000. Finally, SJS Investment Consulting Inc. raised its position in shares of Palo Alto Networks by 97.2% during the fourth quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company’s stock worth $25,000 after purchasing an additional 69 shares during the period. Institutional investors own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Piper Sandler raised their price target on Palo Alto Networks from $165.00 to $192.50 and gave the stock a “neutral” rating in a research report on Thursday, November 21st. StockNews.com lowered Palo Alto Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, December 24th. Truist Financial raised their price target on Palo Alto Networks from $200.00 to $212.50 and gave the stock a “buy” rating in a research report on Monday, November 18th. HSBC lowered Palo Alto Networks from a “hold” rating to a “reduce” rating and dropped their price target for the stock from $152.00 to $145.50 in a research report on Friday, November 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $223.00 price target on shares of Palo Alto Networks in a research report on Wednesday, February 12th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $205.06.

Palo Alto Networks Price Performance

PANW opened at $182.34 on Monday. The business has a fifty day simple moving average of $185.63 and a 200 day simple moving average of $184.93. The company has a market capitalization of $120.73 billion, a PE ratio of 102.73, a price-to-earnings-growth ratio of 5.64 and a beta of 1.04. Palo Alto Networks, Inc. has a 1 year low of $132.50 and a 1 year high of $208.39.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.06. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.24 billion. Palo Alto Networks had a return on equity of 21.93% and a net margin of 14.64%. Equities analysts anticipate that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

Insider Activity at Palo Alto Networks

In related news, CEO Nikesh Arora sold 176,242 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $180.04, for a total value of $31,730,609.68. Following the completion of the sale, the chief executive officer now directly owns 1,086,404 shares in the company, valued at $195,596,176.16. The trade was a 13.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lee Klarich sold 120,000 shares of Palo Alto Networks stock in a transaction on Monday, January 6th. The shares were sold at an average price of $179.70, for a total value of $21,564,000.00. Following the completion of the transaction, the executive vice president now directly owns 365,856 shares of the company’s stock, valued at $65,744,323.20. This represents a 24.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,122,864 shares of company stock worth $204,315,811 in the last ninety days. 2.50% of the stock is owned by company insiders.

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.