SouthState Corp Increases Stock Position in Palo Alto Networks, Inc. (NASDAQ:PANW)

SouthState Corp boosted its position in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) by 347.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 591 shares of the network technology company’s stock after acquiring an additional 459 shares during the quarter. SouthState Corp’s holdings in Palo Alto Networks were worth $368,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PANW. Capital Advisory Group Advisory Services LLC purchased a new position in Palo Alto Networks in the first quarter valued at about $29,000. North Star Investment Management Corp. purchased a new position in shares of Palo Alto Networks during the 4th quarter valued at approximately $28,000. JNBA Financial Advisors grew its position in shares of Palo Alto Networks by 900.0% during the first quarter. JNBA Financial Advisors now owns 50 shares of the network technology company’s stock worth $31,000 after buying an additional 45 shares in the last quarter. Tyler Stone Wealth Management bought a new stake in shares of Palo Alto Networks in the fourth quarter worth $33,000. Finally, Catalyst Capital Advisors LLC raised its holdings in Palo Alto Networks by 113.8% in the fourth quarter. Catalyst Capital Advisors LLC now owns 62 shares of the network technology company’s stock valued at $35,000 after acquiring an additional 33 shares in the last quarter. 84.33% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palo Alto Networks

In other news, EVP Lee Klarich sold 3,500 shares of the company’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $479.46, for a total value of $1,678,110.00. Following the transaction, the executive vice president now directly owns 252,551 shares of the company’s stock, valued at $121,088,102.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Palo Alto Networks news, EVP Nir Zuk sold 12,000 shares of the stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $506.01, for a total transaction of $6,072,120.00. Following the transaction, the executive vice president now directly owns 696,273 shares of the company’s stock, valued at $352,321,100.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Lee Klarich sold 3,500 shares of the business’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $479.46, for a total value of $1,678,110.00. Following the completion of the sale, the executive vice president now directly owns 252,551 shares of the company’s stock, valued at approximately $121,088,102.46. The disclosure for this sale can be found here. Insiders sold 56,170 shares of company stock valued at $418,628,327 in the last quarter. Company insiders own 2.20% of the company’s stock.

Palo Alto Networks Stock Down 5.2 %

Shares of Palo Alto Networks stock opened at $501.70 on Friday. Palo Alto Networks, Inc. has a 12 month low of $358.37 and a 12 month high of $640.90. The business has a fifty day simple moving average of $502.18 and a 200-day simple moving average of $530.36.

Palo Alto Networks (NASDAQ:PANWGet Rating) last released its earnings results on Thursday, May 19th. The network technology company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.21). The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Palo Alto Networks had a negative net margin of 7.54% and a negative return on equity of 57.50%. The company’s revenue was up 29.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.62) EPS. As a group, equities research analysts expect that Palo Alto Networks, Inc. will post -0.73 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PANW shares. The Goldman Sachs Group boosted their target price on shares of Palo Alto Networks from $650.00 to $700.00 in a research report on Tuesday, April 12th. BTIG Research increased their target price on Palo Alto Networks from $610.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, April 8th. Oppenheimer lowered their price target on Palo Alto Networks from $700.00 to $600.00 in a report on Friday, May 20th. BMO Capital Markets raised their price objective on Palo Alto Networks from $615.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, July 8th. Finally, Wells Fargo & Company reiterated a “buy” rating and set a $700.00 target price on shares of Palo Alto Networks in a research note on Friday, May 20th. Three equities research analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $630.88.

Palo Alto Networks Profile

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Palo Alto Networks, Inc provides cybersecurity solutions worldwide. The company offers firewall appliances and software; Panorama, a security management solution for the control of firewall appliances and software deployed on an end-customer's network and instances in public or private cloud environments, as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.

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Institutional Ownership by Quarter for Palo Alto Networks (NASDAQ:PANW)

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