OLD National Bancorp IN Sells 1,116 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

OLD National Bancorp IN cut its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 10.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,418 shares of the network technology company’s stock after selling 1,116 shares during the quarter. OLD National Bancorp IN’s holdings in Palo Alto Networks were worth $3,219,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kathmere Capital Management LLC raised its holdings in Palo Alto Networks by 3.4% in the 2nd quarter. Kathmere Capital Management LLC now owns 920 shares of the network technology company’s stock valued at $312,000 after acquiring an additional 30 shares in the last quarter. FLC Capital Advisors lifted its position in Palo Alto Networks by 0.7% during the third quarter. FLC Capital Advisors now owns 4,035 shares of the network technology company’s stock worth $1,379,000 after purchasing an additional 30 shares during the period. Cascade Investment Group Inc. grew its stake in Palo Alto Networks by 2.9% during the second quarter. Cascade Investment Group Inc. now owns 1,110 shares of the network technology company’s stock worth $376,000 after buying an additional 31 shares in the last quarter. Herbst Group LLC increased its holdings in Palo Alto Networks by 0.3% in the 3rd quarter. Herbst Group LLC now owns 9,692 shares of the network technology company’s stock valued at $3,313,000 after buying an additional 31 shares during the period. Finally, First PREMIER Bank raised its position 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 valued at $32,000 after buying an additional 31 shares in the last quarter. 79.82% of the stock is currently owned by institutional investors and hedge funds.

Palo Alto Networks Trading Down 0.4 %

PANW opened at $374.83 on Monday. Palo Alto Networks, Inc. has a 1-year low of $233.81 and a 1-year high of $380.84. The company has a market cap of $121.37 billion, a price-to-earnings ratio of 54.48, a PEG ratio of 5.42 and a beta of 1.13. The company’s fifty day moving average price is $348.67 and its two-hundred day moving average price is $323.39.

Palo Alto Networks (NASDAQ:PANW) last posted its earnings results on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. The company had revenue of $2.19 billion for the quarter, compared to analyst estimates 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 was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 EPS. As a group, equities analysts forecast that Palo Alto Networks, Inc. will post 3.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PANW has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Palo Alto Networks from $330.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Wells Fargo & Company lifted their target price on Palo Alto Networks from $385.00 to $416.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. TD Cowen raised their price target on shares of Palo Alto Networks from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. BTIG Research increased their price objective on shares of Palo Alto Networks from $366.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Wedbush reaffirmed an “outperform” rating and set a $375.00 target price on shares of Palo Alto Networks in a research note on Friday, August 16th. Eleven investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus target price of $375.79.

Insider Activity at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $295.93, for a total value of $17,755,800.00. Following the completion of the sale, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was 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 directly owns 24,782 shares of the company’s stock, valued at $8,014,746.62. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction on Monday, August 5th. The stock was sold at an average price of $295.93, for a total value of $17,755,800.00. Following the sale, the executive vice president now owns 159,009 shares in the company, valued at $47,055,533.37. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 351,452 shares of company stock valued at $118,643,279 over the last 90 days. Insiders own 3.30% of the company’s stock.

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.