Mechanics Financial Corp reduced its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,148 shares of the network technology company’s stock after selling 110 shares during the period. Mechanics Financial Corp’s holdings in Palo Alto Networks were worth $1,258,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Palo Alto Networks in the first quarter valued at approximately $261,000. Strive Asset Management LLC lifted its holdings in Palo Alto Networks by 16.6% in the first quarter. Strive Asset Management LLC now owns 2,099 shares of the network technology company’s stock valued at $358,000 after buying an additional 299 shares during the period. GAMMA Investing LLC lifted its holdings in Palo Alto Networks by 10.8% in the first quarter. GAMMA Investing LLC now owns 14,125 shares of the network technology company’s stock valued at $2,410,000 after buying an additional 1,374 shares during the period. Czech National Bank lifted its holdings in Palo Alto Networks by 6.4% in the second quarter. Czech National Bank now owns 161,840 shares of the network technology company’s stock valued at $33,119,000 after buying an additional 9,766 shares during the period. Finally, Avity Investment Management Inc. lifted its holdings in Palo Alto Networks by 37.9% in the second quarter. Avity Investment Management Inc. now owns 181,691 shares of the network technology company’s stock valued at $37,181,000 after buying an additional 49,971 shares during the period. 79.82% of the stock is currently owned by institutional investors and hedge funds.
Palo Alto Networks Stock Up 1.2%
Palo Alto Networks stock opened at $209.30 on Friday. The stock has a market capitalization of $140.00 billion, a PE ratio of 130.40, a price-to-earnings-growth ratio of 4.92 and a beta of 0.98. Palo Alto Networks, Inc. has a twelve month low of $144.15 and a twelve month high of $210.39. The company has a 50 day moving average of $190.12 and a 200-day moving average of $188.04.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on PANW shares. Stephens reaffirmed an “equal weight” rating and issued a $205.00 target price on shares of Palo Alto Networks in a research note on Tuesday, August 19th. Morgan Stanley upped their target price on shares of Palo Alto Networks from $210.00 to $216.00 and gave the company an “overweight” rating in a research note on Tuesday, September 2nd. KeyCorp downgraded shares of Palo Alto Networks from an “overweight” rating to a “sector weight” rating in a research note on Thursday, July 31st. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $232.00 target price on shares of Palo Alto Networks in a research note on Tuesday, August 19th. Finally, Piper Sandler raised shares of Palo Alto Networks from a “neutral” rating to an “overweight” rating and upped their target price for the company from $200.00 to $225.00 in a research note on Tuesday, August 12th. Thirty analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Palo Alto Networks has an average rating of “Moderate Buy” and a consensus price target of $214.64.
Insiders Place Their Bets
In other news, EVP Dipak Golechha sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $204.19, for a total value of $1,020,950.00. Following the sale, the executive vice president owned 96,135 shares of the company’s stock, valued at $19,629,805.65. The trade was a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Nikesh Arora sold 846,408 shares of the business’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $204.06, for a total transaction of $172,718,016.48. Following the completion of the sale, the chief executive officer directly owned 275,013 shares in the company, valued at approximately $56,119,152.78. This represents a 75.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,315,130 shares of company stock valued at $259,351,606 over the last 90 days. 2.50% of the stock is currently owned by company insiders.
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.
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