First Interstate Bank Has $8.75 Million Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

First Interstate Bank raised its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,283 shares of the network technology company’s stock after buying an additional 7,538 shares during the period. Palo Alto Networks accounts for approximately 0.5% of First Interstate Bank’s portfolio, making the stock its 28th biggest holding. First Interstate Bank’s holdings in Palo Alto Networks were worth $8,751,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Palo Alto Networks by 104.4% in the fourth quarter. Vanguard Group Inc. now owns 61,233,907 shares of the network technology company’s stock valued at $11,142,122,000 after buying an additional 31,281,359 shares during the period. Geode Capital Management LLC raised its stake in shares of Palo Alto Networks by 87.8% in the fourth quarter. Geode Capital Management LLC now owns 14,382,116 shares of the network technology company’s stock valued at $2,611,013,000 after acquiring an additional 6,725,148 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Palo Alto Networks by 83.8% in the fourth quarter. Capital Research Global Investors now owns 8,427,062 shares of the network technology company’s stock valued at $1,533,419,000 after acquiring an additional 3,841,359 shares during the last quarter. Northern Trust Corp raised its stake in shares of Palo Alto Networks by 133.7% in the fourth quarter. Northern Trust Corp now owns 7,842,647 shares of the network technology company’s stock valued at $1,427,048,000 after acquiring an additional 4,486,654 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Palo Alto Networks by 17.6% in the fourth quarter. Ameriprise Financial Inc. now owns 7,277,739 shares of the network technology company’s stock valued at $1,324,387,000 after purchasing an additional 1,088,631 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 100,000 shares of Palo Alto Networks stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $193.36, for a total transaction of $19,336,000.00. Following the completion of the sale, the executive vice president directly owned 3,343,516 shares of the company’s stock, valued at approximately $646,502,253.76. The trade was a 2.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Josh D. Paul sold 800 shares of Palo Alto Networks stock in a transaction on Friday, June 20th. The stock was sold at an average price of $201.05, for a total transaction of $160,840.00. Following the sale, the chief accounting officer owned 42,033 shares in the company, valued at $8,450,734.65. This represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 547,948 shares of company stock worth $103,462,223. 2.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PANW shares. Morgan Stanley lowered their price target on shares of Palo Alto Networks from $230.00 to $205.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Hsbc Global Res raised shares of Palo Alto Networks from a “moderate sell” rating to a “hold” rating in a report on Thursday, April 10th. KeyCorp reissued an “overweight” rating and issued a $220.00 price target on shares of Palo Alto Networks in a report on Wednesday, May 21st. TD Securities reaffirmed a “buy” rating and set a $230.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Finally, Sanford C. Bernstein set a $225.00 target price on shares of Palo Alto Networks and gave the stock an “outperform” rating in a report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $208.00.

Palo Alto Networks Stock Up 0.7%

Shares of PANW stock traded up $1.41 during mid-day trading on Wednesday, hitting $205.40. 226,169 shares of the stock were exchanged, compared to its average volume of 5,366,359. The company has a market cap of $136.96 billion, a PE ratio of 117.71, a price-to-earnings-growth ratio of 5.62 and a beta of 0.97. Palo Alto Networks, Inc. has a 52-week low of $142.01 and a 52-week high of $208.39. The firm has a fifty day moving average of $194.55 and a 200 day moving average of $185.62.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.03. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a net margin of 13.95% and a return on equity of 19.48%. Palo Alto Networks’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. Equities analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current year.

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.