Arrow Financial Corp Acquires 285 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Arrow Financial Corp raised its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 6,241 shares of the network technology company’s stock after buying an additional 285 shares during the quarter. Arrow Financial Corp’s holdings in Palo Alto Networks were worth $2,133,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Palo Alto Networks by 3.6% in the first quarter. Vanguard Group Inc. now owns 28,572,098 shares of the network technology company’s stock valued at $8,118,190,000 after acquiring an additional 1,002,239 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Palo Alto Networks by 34,318.2% in the 3rd 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 purchasing an additional 3,249,594 shares during the period. Legal & General Group Plc boosted its stake in shares of Palo Alto Networks by 8.5% during the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock valued at $1,099,564,000 after purchasing an additional 255,060 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Palo Alto Networks by 5.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,233,918 shares of the network technology company’s stock valued at $757,321,000 after buying an additional 114,742 shares during the period. Finally, William Blair Investment Management LLC raised its stake in Palo Alto Networks by 8.0% in the second quarter. William Blair Investment Management LLC now owns 1,000,511 shares of the network technology company’s stock worth $339,183,000 after buying an additional 73,922 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Palo Alto Networks Stock Performance

Palo Alto Networks stock opened at $391.40 on Friday. The stock has a market cap of $127.44 billion, a PE ratio of 53.99, a price-to-earnings-growth ratio of 5.59 and a beta of 1.12. The stock has a fifty day moving average of $355.13 and a 200 day moving average of $332.47. Palo Alto Networks, Inc. has a one year low of $234.15 and a one year high of $393.21.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 EPS. As a group, sell-side analysts predict that Palo Alto Networks, Inc. will post 3.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Nikesh Arora sold 81,586 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 618,715 shares of the company’s stock, valued at $227,680,932.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Palo Alto Networks news, Director Mary Pat Mccarthy sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the sale, the director now owns 31,517 shares in the company, valued at approximately $10,983,359.33. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nikesh Arora sold 81,586 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total transaction of $30,022,832.14. Following the completion of the transaction, the chief executive officer now owns 618,715 shares of the company’s stock, valued at approximately $227,680,932.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 255,252 shares of company stock worth $89,383,077. Company insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

PANW has been the topic of several research reports. Truist Financial lifted their price objective on Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. BMO Capital Markets upped their price target on Palo Alto Networks from $334.00 to $390.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 20th. Wedbush reissued an “outperform” rating and set a $375.00 price objective on shares of Palo Alto Networks in a research report on Friday, August 16th. Redburn Atlantic downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $350.00 to $325.00 in a research report on Thursday, July 18th. Finally, Barclays increased their price target on shares of Palo Alto Networks from $370.00 to $410.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $378.49.

About Palo Alto Networks

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.