SouthState Corp Sells 54 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

SouthState Corp lessened its position in Palo Alto Networks, Inc. (NASDAQ:PANW) by 5.7% during the third quarter, Holdings Channel.com reports. The fund owned 894 shares of the network technology company’s stock after selling 54 shares during the period. SouthState Corp’s holdings in Palo Alto Networks were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PANW. International Assets Investment Management LLC lifted its holdings in Palo Alto Networks by 34,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 3,259,063 shares of the network technology company’s stock worth $1,113,948,000 after buying an additional 3,249,594 shares during the period. Swedbank AB purchased a new stake in Palo Alto Networks in the first quarter worth $177,933,000. Altshuler Shaham Ltd boosted its holdings in Palo Alto Networks by 444,100.0% in the second quarter. Altshuler Shaham Ltd now owns 444,000 shares of the network technology company’s stock valued at $150,520,000 after acquiring an additional 444,100 shares in the last quarter. Congress Asset Management Co. purchased a new position in Palo Alto Networks during the 3rd quarter valued at $94,875,000. Finally, Legal & General Group Plc raised its holdings in Palo Alto Networks by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 3,243,457 shares of the network technology company’s stock worth $1,099,564,000 after purchasing an additional 255,060 shares in the last quarter. Hedge funds and other institutional investors own 79.82% of the company’s stock.

Insider Buying and Selling

In related news, EVP Nir Zuk sold 36,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $332.50, for a total value of $11,970,000.00. Following the transaction, the executive vice president now directly owns 1,115,567 shares of the company’s stock, valued at approximately $370,926,027.50. This trade represents a 3.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nikesh Arora sold 81,586 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $367.99, for a total value of $30,022,832.14. Following the completion of the sale, the chief executive officer now owns 618,715 shares of the company’s stock, valued at $227,680,932.85. The trade was a 11.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,252 shares of company stock valued at $89,041,637. 2.50% of the stock is owned by company insiders.

Palo Alto Networks Price Performance

NASDAQ PANW opened at $388.06 on Wednesday. Palo Alto Networks, Inc. has a 1-year low of $249.56 and a 1-year high of $408.53. The business’s fifty day moving average price is $361.53 and its 200-day moving average price is $338.02. The stock has a market capitalization of $126.35 billion, a price-to-earnings ratio of 53.53, a PEG ratio of 5.61 and a beta of 1.12.

Palo Alto Networks (NASDAQ:PANW) last announced its earnings results on Monday, August 19th. The network technology company reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Palo Alto Networks had a return on equity of 26.83% and a net margin of 32.11%. The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period last year, the firm earned $0.80 EPS. Palo Alto Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.56 EPS for the current year.

Wall Street Analyst Weigh In

PANW has been the topic of several research analyst reports. BTIG Research boosted their price target on shares of Palo Alto Networks from $366.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Sanford C. Bernstein increased their target price on Palo Alto Networks from $364.00 to $399.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Wedbush restated an “outperform” rating and set a $375.00 price target on shares of Palo Alto Networks in a research report on Friday, August 16th. JPMorgan Chase & Co. increased their price objective on Palo Alto Networks from $387.00 to $449.00 and gave the stock an “overweight” rating in a report on Monday. Finally, BMO Capital Markets boosted their target price on shares of Palo Alto Networks from $334.00 to $390.00 and gave the company an “outperform” rating in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Palo Alto Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $391.92.

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.