SouthState Corp Raises Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

SouthState Corp increased its position in Palo Alto Networks, Inc. (NASDAQ:PANWGet Rating) by 347.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 591 shares of the network technology company’s stock after purchasing an additional 459 shares during the period. SouthState Corp’s holdings in Palo Alto Networks were worth $368,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. North Star Investment Management Corp. purchased a new position in shares of Palo Alto Networks during the fourth quarter worth approximately $28,000. Capital Advisory Group Advisory Services LLC acquired a new stake in Palo Alto Networks during the 1st quarter worth $29,000. JNBA Financial Advisors grew its position in Palo Alto Networks by 900.0% during the 1st quarter. JNBA Financial Advisors now owns 50 shares of the network technology company’s stock worth $31,000 after purchasing an additional 45 shares during the last quarter. Tyler Stone Wealth Management acquired a new position in Palo Alto Networks in the fourth quarter valued at $33,000. Finally, Catalyst Capital Advisors LLC raised its holdings in shares of 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 buying an additional 33 shares during the last quarter. 84.33% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Nir Zuk sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 1st. The shares were sold at an average price of $506.01, for a total value of $6,072,120.00. Following the completion of the transaction, the executive vice president now 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 SEC, which is accessible through this link. In other Palo Alto Networks news, Director Aparna Bawa sold 951 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $501.56, for a total value of $476,983.56. Following the sale, the director now directly owns 1,899 shares of the company’s stock, valued at approximately $952,462.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nir Zuk sold 12,000 shares of Palo Alto Networks stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $506.01, for a total value of $6,072,120.00. Following the completion of the sale, the executive vice president now owns 696,273 shares of the company’s stock, valued at approximately $352,321,100.73. The disclosure for this sale can be found here. Insiders have sold 56,170 shares of company stock valued at $418,628,327 in the last ninety days. Insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Raymond James reissued a “buy” rating and set a $610.00 price target on shares of Palo Alto Networks in a report on Friday, May 20th. The Goldman Sachs Group boosted their target price on Palo Alto Networks from $650.00 to $700.00 in a report on Tuesday, April 12th. Morgan Stanley increased their price target on Palo Alto Networks from $670.00 to $823.00 and gave the stock an “overweight” rating in a report on Monday, April 25th. Citigroup dropped their price objective on shares of Palo Alto Networks from $610.00 to $605.00 in a research note on Friday, July 22nd. Finally, BMO Capital Markets raised their target price on shares of Palo Alto Networks from $615.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, July 8th. Three equities research analysts have rated the stock with a hold rating and thirty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $630.88.

Palo Alto Networks Trading Down 5.2 %

Shares of NASDAQ:PANW opened at $501.70 on Friday. The business’s fifty day moving average price is $502.18 and its two-hundred day moving average price is $530.36. Palo Alto Networks, Inc. has a one year low of $358.37 and a one year high of $640.90.

Palo Alto Networks (NASDAQ:PANWGet Rating) last issued its quarterly earnings data on Thursday, May 19th. The network technology company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.21). The company had revenue of $1.39 billion during 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 firm’s revenue was up 29.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.62) earnings per share. As a group, sell-side analysts expect that Palo Alto Networks, Inc. will post -0.73 earnings per share for the current fiscal year.

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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