OLD National Bancorp IN Sells 1,283 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

OLD National Bancorp IN decreased its position in Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 7.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,993 shares of the network technology company's stock after selling 1,283 shares during the quarter. OLD National Bancorp IN's holdings in Palo Alto Networks were worth $2,900,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Transce3nd LLC acquired a new stake in shares of Palo Alto Networks in the 4th quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL lifted its stake in Palo Alto Networks by 64.0% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after acquiring an additional 55 shares during the last quarter. Atlantic Edge Private Wealth Management LLC grew its position in shares of Palo Alto Networks by 265.0% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 146 shares of the network technology company's stock valued at $27,000 after acquiring an additional 106 shares during the period. Kiely Wealth Advisory Group Inc. increased its stake in shares of Palo Alto Networks by 100.0% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock worth $29,000 after purchasing an additional 75 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its holdings in Palo Alto Networks by 102.6% during the fourth quarter. Capital Advisors Ltd. LLC now owns 156 shares of the network technology company's stock worth $28,000 after purchasing an additional 79 shares during the period. 79.82% of the stock is owned by institutional investors.

Palo Alto Networks Trading Down 0.1%

PANW traded down $0.21 on Wednesday, reaching $195.74. The stock had a trading volume of 1,260,883 shares, compared to its average volume of 5,486,289. The company has a market capitalization of $130.52 billion, a price-to-earnings ratio of 110.59, a price-to-earnings-growth ratio of 5.64 and a beta of 0.97. Palo Alto Networks, Inc. has a fifty-two week low of $142.01 and a fifty-two week high of $208.39. The firm has a 50-day moving average of $181.56 and a 200-day moving average of $185.03.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.28 billion. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The firm's revenue was up 15.3% compared to the same quarter last year. During the same period last year, the company earned $0.66 EPS. Sell-side analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Nir Zuk sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $165.41, for a total transaction of $16,541,000.00. Following the completion of the sale, the executive vice president now owns 3,543,516 shares of the company's stock, valued at $586,132,981.56. This trade represents a 2.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lee Klarich sold 120,774 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $195.14, for a total transaction of $23,567,838.36. Following the transaction, the executive vice president now owns 264,246 shares in the company, valued at $51,564,964.44. This represents a 31.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 789,736 shares of company stock worth $139,837,528. Insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PANW shares. Wells Fargo & Company boosted their target price on Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Roth Capital initiated coverage on shares of Palo Alto Networks in a research report on Thursday, May 15th. They issued a "neutral" rating and a $210.00 price objective on the stock. Truist Financial reduced their target price on shares of Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating for the company in a report on Monday, March 31st. KeyCorp restated an "overweight" rating and set a $220.00 price objective on shares of Palo Alto Networks in a research report on Wednesday, May 21st. Finally, JMP Securities upped their target price on Palo Alto Networks from $208.00 to $212.00 and gave the company a "market outperform" rating in a research report on Friday, February 14th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $208.00.

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.