First Interstate Bank Has $6.98 Million Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

First Interstate Bank cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,653 shares of the network technology company’s stock after selling 962 shares during the quarter. First Interstate Bank’s holdings in Palo Alto Networks were worth $6,975,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PANW. Worth Asset Management LLC bought a new stake in Palo Alto Networks in the 1st quarter valued at $26,000. Covestor Ltd boosted its stake in Palo Alto Networks by 61.8% in the 1st quarter. Covestor Ltd now owns 55 shares of the network technology company’s stock valued at $35,000 after purchasing an additional 21 shares during the period. Salem Investment Counselors Inc. boosted its stake in Palo Alto Networks by 1,071.4% in the 2nd quarter. Salem Investment Counselors Inc. now owns 82 shares of the network technology company’s stock valued at $41,000 after purchasing an additional 75 shares during the period. Webster Bank N. A. boosted its stake in Palo Alto Networks by 607.1% in the 4th quarter. Webster Bank N. A. now owns 99 shares of the network technology company’s stock valued at $29,000 after purchasing an additional 85 shares during the period. Finally, Cedar Mountain Advisors LLC boosted its stake in Palo Alto Networks by 87.0% in the 4th quarter. Cedar Mountain Advisors LLC now owns 101 shares of the network technology company’s stock valued at $30,000 after purchasing an additional 47 shares during the period. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Price Performance

Shares of Palo Alto Networks stock traded up $2.87 on Tuesday, hitting $275.02. 3,626,704 shares of the company’s stock traded hands, compared to its average volume of 5,653,573. Palo Alto Networks, Inc. has a one year low of $176.30 and a one year high of $380.84. The company has a fifty day moving average of $302.23 and a two-hundred day moving average of $289.99. The company has a market capitalization of $88.86 billion, a price-to-earnings ratio of 42.97, a price-to-earnings-growth ratio of 3.80 and a beta of 1.19.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Tuesday, February 20th. The network technology company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.58 by $0.22. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. Equities research analysts anticipate that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PANW has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their target price on Palo Alto Networks from $274.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Wedbush upped their target price on Palo Alto Networks from $350.00 to $425.00 and gave the company an “outperform” rating in a research report on Friday, February 16th. Rosenblatt Securities downgraded Palo Alto Networks from a “buy” rating to a “neutral” rating and cut their target price for the company from $290.00 to $265.00 in a research report on Wednesday, February 21st. Citigroup upped their target price on Palo Alto Networks from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Wednesday, January 10th. Finally, Truist Financial upped their target price on Palo Alto Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Tuesday, February 20th. Eleven equities research analysts have rated the stock with a hold rating and twenty-nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $314.82.

Insiders Place Their Bets

In other news, EVP Lee Klarich sold 45,000 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $343.03, for a total value of $15,436,350.00. Following the transaction, the executive vice president now owns 198,105 shares in the company, valued at $67,955,958.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President William D. Jenkins, Jr. sold 1,867 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $280.13, for a total value of $523,002.71. Following the transaction, the president now owns 25,812 shares in the company, valued at $7,230,715.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lee Klarich sold 45,000 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $343.03, for a total value of $15,436,350.00. Following the sale, the executive vice president now directly owns 198,105 shares of the company’s stock, valued at $67,955,958.15. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 167,917 shares of company stock worth $49,395,553. Corporate 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.