Norway Savings Bank Has $4.49 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Norway Savings Bank reduced its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 0.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,791 shares of the network technology company’s stock after selling 50 shares during the period. Palo Alto Networks comprises about 1.9% of Norway Savings Bank’s holdings, making the stock its 11th largest position. Norway Savings Bank’s holdings in Palo Alto Networks were worth $4,487,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Palo Alto Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 27,569,859 shares of the network technology company’s stock valued at $8,129,800,000 after acquiring an additional 1,058,127 shares during the last quarter. Norges Bank acquired a new position in shares of Palo Alto Networks during the 4th quarter valued at about $1,563,020,000. Clearbridge Investments LLC increased its holdings in shares of Palo Alto Networks by 1.0% during the 4th quarter. Clearbridge Investments LLC now owns 3,136,547 shares of the network technology company’s stock valued at $924,905,000 after acquiring an additional 30,013 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Palo Alto Networks by 83.1% during the 4th quarter. Jennison Associates LLC now owns 2,616,803 shares of the network technology company’s stock valued at $771,643,000 after acquiring an additional 1,187,915 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Palo Alto Networks by 29,086.9% during the 4th quarter. International Assets Investment Management LLC now owns 2,057,968 shares of the network technology company’s stock valued at $606,854,000 after acquiring an additional 2,050,917 shares during the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on PANW. JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $330.00 to $340.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Redburn Atlantic increased their target price on Palo Alto Networks from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Macquarie increased their target price on Palo Alto Networks from $270.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. Daiwa America upgraded Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $380.00 price objective on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Twelve investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.29.

Insider Transactions at Palo Alto Networks

In other Palo Alto Networks news, Director John P. Key sold 2,163 shares of Palo Alto Networks stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Palo Alto Networks news, Director John P. Key sold 2,163 shares of Palo Alto Networks stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Aparna Bawa sold 322 shares of Palo Alto Networks stock in a transaction dated 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 owns 3,767 shares in the company, valued at $1,167,770. The disclosure for this sale can be found here. Insiders have sold 258,182 shares of company stock worth $74,850,597 in the last three months. Insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Down 0.5 %

NASDAQ:PANW opened at $339.01 on Friday. Palo Alto Networks, Inc. has a 12-month low of $201.17 and a 12-month high of $380.84. The firm has a market capitalization of $109.77 billion, a P/E ratio of 49.27, a P/E/G ratio of 5.22 and a beta of 1.10. The stock’s fifty day simple moving average is $307.06 and its 200-day simple moving average is $307.14.

Palo Alto Networks (NASDAQ:PANW) last posted its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the company earned $0.38 EPS. The firm’s revenue was up 15.3% on a year-over-year basis. As a group, equities research analysts expect that Palo Alto Networks, Inc. will post 2.94 earnings per share for the current year.

Palo Alto Networks Company 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.