First Interstate Bank Has $7.60 Million Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

First Interstate Bank trimmed its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,419 shares of the network technology company’s stock after selling 362 shares during the quarter. Palo Alto Networks makes up about 0.5% of First Interstate Bank’s investment portfolio, making the stock its 27th largest holding. First Interstate Bank’s holdings in Palo Alto Networks were worth $7,600,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PANW. Andra AP fonden boosted its holdings in Palo Alto Networks by 104.5% in the second quarter. Andra AP fonden now owns 100,600 shares of the network technology company’s stock worth $34,104,000 after purchasing an additional 51,400 shares in the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Palo Alto Networks by 1.1% in the second quarter. Royal London Asset Management Ltd. now owns 138,901 shares of the network technology company’s stock worth $47,089,000 after buying an additional 1,464 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in shares of Palo Alto Networks by 16.9% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 6,533 shares of the network technology company’s stock worth $2,215,000 after buying an additional 944 shares during the last quarter. Global X Japan Co. Ltd. boosted its stake in shares of Palo Alto Networks by 38.4% during the 2nd quarter. Global X Japan Co. Ltd. now owns 31,482 shares of the network technology company’s stock worth $10,673,000 after acquiring an additional 8,738 shares in the last quarter. Finally, LGT Fund Management Co Ltd. increased its holdings in shares of Palo Alto Networks by 266.9% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 30,930 shares of the network technology company’s stock valued at $10,486,000 after acquiring an additional 22,500 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $338.00, for a total value of $67,600.00. Following the completion of the transaction, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Josh D. Paul sold 200 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $338.00, for a total transaction of $67,600.00. Following the sale, the chief accounting officer now owns 24,982 shares in the company, valued at $8,443,916. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nikesh Arora sold 66,668 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $336.54, for a total value of $22,436,448.72. Following the completion of the sale, the chief executive officer now owns 694,228 shares of the company’s stock, valued at $233,635,491.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 464,075 shares of company stock valued at $154,029,567. 3.30% of the stock is currently owned by insiders.

Palo Alto Networks Price Performance

Shares of PANW stock opened at $344.05 on Tuesday. The stock’s fifty day simple moving average is $335.88 and its 200 day simple moving average is $310.96. Palo Alto Networks, Inc. has a one year low of $224.64 and a one year high of $380.84. The firm has a market cap of $111.40 billion, a price-to-earnings ratio of 50.01, a P/E/G ratio of 4.89 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last issued its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.80 EPS. On average, research analysts anticipate that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PANW shares. Deutsche Bank Aktiengesellschaft boosted their target price on Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Wells Fargo & Company upped their price objective on shares of Palo Alto Networks from $385.00 to $416.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Needham & Company LLC lifted their target price on shares of Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Citigroup upped their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, Daiwa America raised Palo Alto Networks to a “strong-buy” rating in a research report on Wednesday, May 29th. Thirteen equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $366.08.

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.