SouthState Corp Acquires 894 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

SouthState Corp boosted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 100.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,788 shares of the network technology company’s stock after acquiring an additional 894 shares during the quarter. SouthState Corp’s holdings in Palo Alto Networks were worth $325,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. SJS Investment Consulting Inc. increased its stake in Palo Alto Networks by 97.2% in the 4th quarter. SJS Investment Consulting Inc. now owns 140 shares of the network technology company’s stock worth $25,000 after buying an additional 69 shares during the period. Valued Wealth Advisors LLC increased its position in shares of Palo Alto Networks by 246.3% during the fourth quarter. Valued Wealth Advisors LLC now owns 142 shares of the network technology company’s stock worth $26,000 after acquiring an additional 101 shares during the period. Abound Wealth Management raised its stake in shares of Palo Alto Networks by 97.3% during the fourth quarter. Abound Wealth Management now owns 146 shares of the network technology company’s stock valued at $27,000 after acquiring an additional 72 shares in the last quarter. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Palo Alto Networks by 265.0% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 146 shares of the network technology company’s stock valued at $27,000 after purchasing an additional 106 shares during the period. Finally, Capital Advisors Ltd. LLC grew its stake in Palo Alto Networks by 102.6% in 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 in the last quarter. Institutional investors own 79.82% of the company’s stock.

Insider Activity at Palo Alto Networks

In other news, CAO Josh D. Paul sold 700 shares of Palo Alto Networks stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $181.22, for a total value of $126,854.00. Following the sale, the chief accounting officer now owns 47,976 shares in the company, valued at $8,694,210.72. This trade represents a 1.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nikesh Arora sold 235,492 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $183.32, for a total transaction of $43,170,393.44. Following the completion of the transaction, the chief executive officer now directly owns 1,086,404 shares in the company, valued at $199,159,581.28. This represents a 17.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,122,864 shares of company stock worth $204,315,811 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PANW. Rosenblatt Securities upped their target price on Palo Alto Networks from $212.50 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. Morgan Stanley increased their target price on shares of Palo Alto Networks from $223.00 to $230.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Guggenheim lowered shares of Palo Alto Networks from a “neutral” rating to a “sell” rating and set a $130.00 price target for the company. in a report on Monday, January 6th. Truist Financial increased their price objective on shares of Palo Alto Networks from $200.00 to $212.50 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, BTIG Research downgraded shares of Palo Alto Networks from a “buy” rating to a “neutral” rating in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $205.06.

Palo Alto Networks Trading Up 1.5 %

Shares of NASDAQ:PANW opened at $185.00 on Tuesday. The company has a market capitalization of $122.49 billion, a PE ratio of 104.23, a PEG ratio of 5.64 and a beta of 1.04. Palo Alto Networks, Inc. has a 12-month low of $132.50 and a 12-month high of $208.39. The business has a 50 day moving average of $185.74 and a two-hundred day moving average of $184.97.

Palo Alto Networks (NASDAQ:PANW) last announced its quarterly earnings results on Thursday, February 13th. The network technology company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.06. Palo Alto Networks had a net margin of 14.64% and a return on equity of 21.93%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.24 billion. Equities research analysts predict that Palo Alto Networks, Inc. will post 1.76 earnings per share for the current fiscal year.

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.