Bremer Bank National Association Reduces Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

Bremer Bank National Association lessened its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 3.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,486 shares of the network technology company’s stock after selling 48 shares during the period. Bremer Bank National Association’s holdings in Palo Alto Networks were worth $504,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. MV Capital Management Inc. boosted its position in Palo Alto Networks by 37.2% in the fourth quarter. MV Capital Management Inc. now owns 107 shares of the network technology company’s stock valued at $32,000 after buying an additional 29 shares during the last quarter. Outlook Wealth Advisors LLC purchased a new position in shares of Palo Alto Networks during the 4th quarter valued at about $212,000. Romano Brothers AND Company acquired a new position in shares of Palo Alto Networks in the 4th quarter valued at about $325,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Palo Alto Networks by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 755,367 shares of the network technology company’s stock worth $222,743,000 after buying an additional 3,456 shares during the last quarter. Finally, Conning Inc. acquired a new stake in Palo Alto Networks during the fourth quarter worth about $353,000. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Transactions at Palo Alto Networks

In other news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 159,009 shares in the company, valued at approximately $47,055,533.37. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Lee Klarich sold 60,000 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 159,009 shares of the company’s stock, valued at approximately $47,055,533.37. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Nikesh Arora sold 66,668 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $336.54, for a total transaction of $22,436,448.72. Following the transaction, 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. Insiders have sold a total of 367,315 shares of company stock valued at $118,696,590 in the last ninety days. 3.30% of the stock is currently owned by company insiders.

Palo Alto Networks Stock Up 2.0 %

NASDAQ:PANW traded up $6.68 during trading hours on Wednesday, reaching $339.91. 2,672,121 shares of the company’s stock were exchanged, compared to its average volume of 4,371,239. Palo Alto Networks, Inc. has a 1-year low of $201.17 and a 1-year high of $380.84. The firm has a market capitalization of $110.06 billion, a price-to-earnings ratio of 49.56, a P/E/G ratio of 3.98 and a beta of 1.14. The company has a 50-day moving average of $323.83 and a 200 day moving average of $310.74.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings results on Monday, May 20th. The network technology company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.25 by $0.07. Palo Alto Networks had a return on equity of 32.74% and a net margin of 31.42%. The business had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. Research analysts forecast that Palo Alto Networks, Inc. will post 2.94 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on PANW. Scotiabank raised their price target on shares of Palo Alto Networks from $337.00 to $385.00 and gave the company a “sector outperform” rating in a research report on Wednesday. UBS Group upped their price objective on shares of Palo Alto Networks from $300.00 to $345.00 and gave the company a “neutral” rating in a research note on Tuesday. Oppenheimer reaffirmed an “outperform” rating and issued a $330.00 target price on shares of Palo Alto Networks in a research note on Tuesday, May 21st. Citigroup increased their price objective on Palo Alto Networks from $345.00 to $385.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $345.00 price target on shares of Palo Alto Networks in a research report on Tuesday, May 21st. Thirteen research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $330.66.

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.