Norway Savings Bank Has $3.02 Million Stock Holdings in Palo Alto Networks, Inc. (NYSE:PANW)

Norway Savings Bank lifted its holdings in Palo Alto Networks, Inc. (NYSE:PANW) by 2.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,301 shares of the network technology company’s stock after acquiring an additional 131 shares during the quarter. Palo Alto Networks comprises about 1.4% of Norway Savings Bank’s investment portfolio, making the stock its 16th largest position. Norway Savings Bank’s holdings in Palo Alto Networks were worth $3,018,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Tradition Wealth Management LLC boosted its position in shares of Palo Alto Networks by 78.9% in the second quarter. Tradition Wealth Management LLC now owns 68 shares of the network technology company’s stock worth $25,000 after buying an additional 30 shares during the period. Parkside Financial Bank & Trust boosted its position in Palo Alto Networks by 233.3% during the second quarter. Parkside Financial Bank & Trust now owns 70 shares of the network technology company’s stock valued at $26,000 after purchasing an additional 49 shares during the last quarter. Jacobi Capital Management LLC boosted its position in Palo Alto Networks by 288.9% during the second quarter. Jacobi Capital Management LLC now owns 70 shares of the network technology company’s stock valued at $26,000 after purchasing an additional 52 shares during the last quarter. Godsey & Gibb Associates acquired a new stake in Palo Alto Networks during the second quarter valued at $28,000. Finally, Clean Yield Group acquired a new stake in Palo Alto Networks during the second quarter valued at $29,000. 82.62% of the stock is owned by institutional investors and hedge funds.

Shares of PANW opened at $549.72 on Thursday. Palo Alto Networks, Inc. has a 12-month low of $289.77 and a 12-month high of $559.54. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $53.88 billion, a price-to-earnings ratio of -106.12 and a beta of 1.35. The stock’s 50-day moving average price is $500.38 and its 200 day moving average price is $427.89.

Palo Alto Networks (NYSE:PANW) last issued its quarterly earnings results on Thursday, November 18th. The network technology company reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.07. Palo Alto Networks had a negative return on equity of 17.08% and a negative net margin of 11.72%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the previous year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 31.9% compared to the same quarter last year. Equities research analysts expect that Palo Alto Networks, Inc. will post -0.47 EPS for the current year.

In other news, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $459.40, for a total value of $5,512,800.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John P. Key sold 1,000 shares of the company’s stock in a transaction on Monday, August 30th. The stock was sold at an average price of $457.87, for a total value of $457,870.00. Following the transaction, the director now directly owns 4,521 shares in the company, valued at approximately $2,070,030.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 57,870 shares of company stock worth $28,176,363. Corporate insiders own 2.20% of the company’s stock.

A number of analysts recently issued reports on PANW shares. Barclays lifted their price objective on Palo Alto Networks from $535.00 to $615.00 and gave the company an “overweight” rating in a research report on Tuesday, September 14th. Robert W. Baird lifted their price objective on Palo Alto Networks from $540.00 to $625.00 and gave the company an “outperform” rating in a research report on Friday, November 19th. Wedbush lifted their price objective on Palo Alto Networks from $600.00 to $630.00 and gave the company an “outperform” rating in a research report on Friday, November 19th. Mizuho lifted their price objective on Palo Alto Networks from $560.00 to $625.00 and gave the company a “buy” rating in a research report on Monday, November 15th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Palo Alto Networks from $560.00 to $605.00 and gave the stock a “buy” rating in a research report on Monday, November 15th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $576.00.

Palo Alto Networks Profile

Palo Alto Networks, Inc engages in the provision of network security solutions to enterprises, service providers, and government entities. The company was founded by Nir Zuk, Rajiv Batra and Yu Ming Mao in March 2005 and is headquartered in Santa Clara, CA.

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Institutional Ownership by Quarter for Palo Alto Networks (NYSE:PANW)

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