First County Bank CT Sells 103 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

First County Bank CT lessened its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,384 shares of the network technology company’s stock after selling 103 shares during the period. First County Bank CT’s holdings in Palo Alto Networks were worth $1,147,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of PANW. Pathway Financial Advisers LLC bought a new stake in shares of Palo Alto Networks in the 1st quarter valued at about $25,000. Frank Rimerman Advisors LLC bought a new stake in Palo Alto Networks in the fourth quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. boosted its holdings 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 acquiring an additional 96 shares during the last quarter. ICA Group Wealth Management LLC acquired a new stake in Palo Alto Networks during the 4th quarter valued at approximately $31,000. Finally, Central Bank & Trust Co. lifted its position in shares of Palo Alto Networks by 89.3% in 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. Institutional investors own 79.82% of the company’s stock.

Wall Street Analyst Weigh In

PANW has been the subject of a number of recent analyst reports. Bank of America increased their price target on Palo Alto Networks from $370.00 to $400.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Westpark Capital restated a “hold” rating on shares of Palo Alto Networks in a research report on Tuesday, August 20th. Barclays lifted their target price on Palo Alto Networks from $350.00 to $370.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Scotiabank increased their price target on Palo Alto Networks from $385.00 to $400.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 20th. Finally, Northland Securities lifted their price objective on shares of Palo Alto Networks from $275.00 to $350.00 and gave the company a “market perform” rating in a research note on Tuesday, August 20th. Thirteen equities research 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $366.08.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $338.73 on Friday. Palo Alto Networks, Inc. has a 1 year low of $228.32 and a 1 year high of $380.84. The company has a market capitalization of $109.68 billion, a PE ratio of 49.23, a price-to-earnings-growth ratio of 4.99 and a beta of 1.13. The business has a fifty day moving average price of $337.02 and a two-hundred day moving average price of $314.78.

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

Insider Activity

In related news, Director Mary Pat Mccarthy sold 10,000 shares of Palo Alto Networks stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total value of $3,484,900.00. Following the sale, the director now owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Palo Alto Networks news, EVP Lee Klarich sold 125,866 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $335.00, for a total transaction of $42,165,110.00. Following the sale, the executive vice president now directly owns 166,542 shares of the company’s stock, valued at $55,791,570. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mary Pat Mccarthy sold 10,000 shares of Palo Alto Networks stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the transaction, the director now owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The disclosure for this sale can be found here. Insiders sold 464,075 shares of company stock valued at $154,029,567 in the last three months. Company insiders own 3.30% of the company’s stock.

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.