Renasant Bank Sells 4,938 Shares of Palo Alto Networks, Inc. $PANW

Renasant Bank reduced its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 86.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 772 shares of the network technology company’s stock after selling 4,938 shares during the period. Renasant Bank’s holdings in Palo Alto Networks were worth $263,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Palo Alto Networks in the 2nd quarter valued at $25,833,462,000. State Street Corp lifted its position in shares of Palo Alto Networks by 2.0% during the 4th quarter. State Street Corp now owns 30,331,705 shares of the network technology company’s stock worth $5,587,100,000 after buying an additional 594,789 shares during the last quarter. Bank of America Corp DE boosted its stake in Palo Alto Networks by 0.9% in the second quarter. Bank of America Corp DE now owns 22,681,876 shares of the network technology company’s stock valued at $7,734,973,000 after buying an additional 205,123 shares in the last quarter. Geode Capital Management LLC boosted its stake in Palo Alto Networks by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 15,989,257 shares of the network technology company’s stock valued at $2,934,935,000 after buying an additional 540,756 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Palo Alto Networks by 8.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,778,963 shares of the network technology company’s stock valued at $2,993,802,000 after acquiring an additional 706,003 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PANW shares. DA Davidson boosted their target price on Palo Alto Networks from $190.00 to $345.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. HSBC raised their price target on shares of Palo Alto Networks from $114.00 to $207.00 in a research note on Thursday, June 4th. Wedbush upped their price objective on shares of Palo Alto Networks from $300.00 to $340.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Scotiabank reissued an “outperform” rating and issued a $430.00 price objective (up from $320.00) on shares of Palo Alto Networks in a research note on Monday. Finally, Arete Research raised their target price on shares of Palo Alto Networks from $185.00 to $433.00 and gave the company a “buy” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, forty have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $370.87.

Insider Buying and Selling at Palo Alto Networks

In other news, Director Helle Thorning-Schmidt sold 700 shares of the firm’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $346.85, for a total transaction of $242,795.00. Following the completion of the transaction, the director owned 5,898 shares of the company’s stock, valued at approximately $2,045,721.30. This trade represents a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Aparna Bawa sold 290 shares of Palo Alto Networks stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $348.74, for a total transaction of $101,134.60. Following the transaction, the director owned 6,437 shares in the company, valued at approximately $2,244,839.38. This trade represents a 4.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 37,735 shares of company stock worth $10,814,266 over the last quarter. Insiders own 1.40% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW stock opened at $382.13 on Tuesday. The firm has a market capitalization of $311.44 billion, a price-to-earnings ratio of 313.22, a PEG ratio of 11.74 and a beta of 0.91. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $346.54 and its 200-day moving average price is $250.56. Palo Alto Networks, Inc. has a 12 month low of $139.57 and a 12 month high of $398.88.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, June 2nd. The network technology company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.94 billion. Palo Alto Networks had a return on equity of 10.53% and a net margin of 7.95%.The firm’s revenue was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.37 earnings per share. Equities research analysts forecast that Palo Alto Networks, Inc. will post 2.01 EPS for the current year.

About Palo Alto Networks

Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.

The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.