First American Bank Lowers Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

First American Bank cut its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,707 shares of the network technology company’s stock after selling 1,431 shares during the quarter. First American Bank’s holdings in Palo Alto Networks were worth $10,496,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Capital Advisors Ltd. LLC raised its position in Palo Alto Networks by 113.9% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 77 shares of the network technology company’s stock worth $26,000 after buying an additional 41 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in Palo Alto Networks by 352.6% in the third quarter. Sound Income Strategies LLC now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 67 shares during the last quarter. Strategic Investment Solutions Inc. IL grew its position in Palo Alto Networks by 177.4% in the 3rd quarter. Strategic Investment Solutions Inc. IL now owns 86 shares of the network technology company’s stock worth $29,000 after purchasing an additional 55 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Palo Alto Networks during the 1st quarter valued at $25,000. Finally, First PREMIER Bank boosted its stake in shares of Palo Alto Networks by 48.4% in the 3rd quarter. First PREMIER Bank now owns 95 shares of the network technology company’s stock worth $32,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Activity

In related news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction on Monday, August 5th. The shares were sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the sale, the executive vice president now directly owns 159,009 shares in the company, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Josh D. Paul sold 200 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $323.41, for a total transaction of $64,682.00. Following the completion of the sale, the chief accounting officer now owns 24,782 shares in the company, valued at $8,014,746.62. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $295.93, for a total transaction of $17,755,800.00. Following the sale, the executive vice president now owns 159,009 shares of the company’s stock, valued at $47,055,533.37. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 351,452 shares of company stock worth $118,643,279. Corporate insiders own 3.30% of the company’s stock.

Palo Alto Networks Stock Performance

Shares of PANW opened at $366.44 on Monday. Palo Alto Networks, Inc. has a 1 year low of $233.81 and a 1 year high of $384.00. The stock has a 50-day simple moving average of $351.91 and a 200-day simple moving average of $326.78. The stock has a market capitalization of $118.65 billion, a PE ratio of 53.26, a PEG ratio of 5.45 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, topping analysts’ consensus estimates of $1.41 by $0.10. The firm had revenue of $2.19 billion during 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 company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 earnings per share. Analysts predict that Palo Alto Networks, Inc. will post 3.57 EPS for the current year.

Analysts Set New Price Targets

PANW has been the subject of several research reports. Piper Sandler upped their price target on shares of Palo Alto Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Northland Securities raised their target price on Palo Alto Networks from $275.00 to $350.00 and gave the stock a “market perform” rating in a report on Tuesday, August 20th. Redburn Atlantic cut Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $350.00 to $325.00 in a research report on Thursday, July 18th. Citigroup upped their price target on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Finally, UBS Group raised their price objective on shares of Palo Alto Networks from $345.00 to $355.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Eleven analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.82.

Palo Alto Networks 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.