Canandaigua National Bank & Trust Co. Has $442,000 Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

Canandaigua National Bank & Trust Co. trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 47.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,554 shares of the network technology company’s stock after selling 1,421 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Palo Alto Networks were worth $442,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC purchased a new stake in Palo Alto Networks in the 4th quarter worth about $27,000. Webster Bank N. A. lifted its position in shares of Palo Alto Networks by 607.1% in the fourth quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock worth $29,000 after purchasing an additional 85 shares in the last quarter. Cedar Mountain Advisors LLC boosted its holdings 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 worth $30,000 after purchasing an additional 47 shares during the period. ICA Group Wealth Management LLC purchased a new position in Palo Alto Networks during the fourth quarter valued at approximately $31,000. Finally, MV Capital Management Inc. increased its stake in Palo Alto Networks by 37.2% in the 4th quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after buying an additional 29 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director Aparna Bawa sold 322 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $310.00, for a total value of $99,820.00. Following the transaction, the director now directly owns 3,767 shares in the company, valued at approximately $1,167,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Lee Klarich sold 121,276 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $299.60, for a total value of $36,334,289.60. Following the transaction, the executive vice president now directly owns 166,542 shares in the company, valued at approximately $49,895,983.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Aparna Bawa sold 322 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $310.00, for a total value of $99,820.00. Following the completion of the sale, the director now owns 3,767 shares of the company’s stock, valued at approximately $1,167,770. The disclosure for this sale can be found here. Insiders sold a total of 258,182 shares of company stock valued at $74,850,597 over the last quarter. Corporate insiders own 3.30% of the company’s stock.

Wall Street Analysts Forecast Growth

PANW has been the topic of several research analyst reports. Daiwa Capital Markets assumed coverage on shares of Palo Alto Networks in a report on Wednesday, May 29th. They set an “outperform” rating and a $350.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $360.00 price target on shares of Palo Alto Networks in a research note on Wednesday, June 12th. Rosenblatt Securities cut Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price target for the company from $290.00 to $265.00 in a research note on Wednesday, February 21st. Truist Financial lifted their target price on shares of Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Tuesday, February 20th. Finally, Scotiabank dropped their price target on shares of Palo Alto Networks from $363.00 to $337.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, February 21st. Twelve analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Palo Alto Networks has a consensus rating of “Moderate Buy” and a consensus target price of $322.78.

Palo Alto Networks Stock Down 0.8 %

NASDAQ:PANW opened at $317.02 on Wednesday. The firm has a market cap of $102.65 billion, a PE ratio of 46.08, a price-to-earnings-growth ratio of 4.90 and a beta of 1.10. Palo Alto Networks, Inc. has a 12 month low of $201.17 and a 12 month high of $380.84. The company’s 50-day moving average price is $299.75 and its two-hundred day moving average price is $305.60.

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