SouthState Corp Has $321,000 Stock Holdings in Palo Alto Networks, Inc. (NASDAQ:PANW)

SouthState Corp raised its position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW) by 64.3% in the 2nd quarter, Holdings Channel reports. The firm owned 948 shares of the network technology company’s stock after acquiring an additional 371 shares during the period. SouthState Corp’s holdings in Palo Alto Networks were worth $321,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PANW. Beacon Pointe Advisors LLC raised its holdings in shares of Palo Alto Networks by 31.4% during the 4th quarter. Beacon Pointe Advisors LLC now owns 112,040 shares of the network technology company’s stock worth $33,038,000 after buying an additional 26,767 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Palo Alto Networks by 9.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 24,726 shares of the network technology company’s stock valued at $7,291,000 after purchasing an additional 2,225 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Palo Alto Networks by 91.0% during the 1st quarter. Sunbelt Securities Inc. now owns 1,683 shares of the network technology company’s stock valued at $478,000 after purchasing an additional 802 shares during the last quarter. American National Bank increased its position in Palo Alto Networks by 67.4% during the 4th quarter. American National Bank now owns 231 shares of the network technology company’s stock worth $68,000 after purchasing an additional 93 shares in the last quarter. Finally, Smithfield Trust Co lifted its stake in Palo Alto Networks by 2.3% in the 4th quarter. Smithfield Trust Co now owns 2,762 shares of the network technology company’s stock valued at $814,000 after purchasing an additional 61 shares during the last quarter. 79.82% of the stock is currently owned by institutional investors.

Insider Activity at Palo Alto Networks

In other Palo Alto Networks news, Director John P. Key sold 2,163 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $305.41, for a total transaction of $660,601.83. Following the completion of the sale, the director now directly owns 12,639 shares of the company’s stock, valued at approximately $3,860,076.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the transaction, the chief accounting officer now directly owns 24,982 shares of the company’s stock, valued at $8,443,916. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Key sold 2,163 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $305.41, for a total transaction of $660,601.83. Following the transaction, the director now owns 12,639 shares in the company, valued at $3,860,076.99. The disclosure for this sale can be found here. In the last quarter, insiders have sold 339,572 shares of company stock valued at $111,126,265. 3.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $350.00 target price on shares of Palo Alto Networks in a research note on Monday, August 19th. Rosenblatt Securities upped their target price on Palo Alto Networks from $300.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, August 19th. DA Davidson boosted their price target on Palo Alto Networks from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. KeyCorp upped their price objective on Palo Alto Networks from $380.00 to $400.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Finally, Evercore ISI lifted their target price on shares of Palo Alto Networks from $385.00 to $395.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 20th. Thirteen investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $366.08.

Palo Alto Networks Stock Down 0.7 %

NASDAQ PANW opened at $343.74 on Friday. Palo Alto Networks, Inc. has a 52 week low of $224.64 and a 52 week high of $380.84. The business has a 50 day moving average price of $335.88 and a 200-day moving average price of $310.69. The company has a market cap of $111.30 billion, a price-to-earnings ratio of 49.96, a P/E/G ratio of 5.29 and a beta of 1.13.

Palo Alto Networks (NASDAQ:PANW) last released its quarterly earnings data on Monday, August 19th. The network technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. On average, equities research analysts anticipate that Palo Alto Networks, Inc. will post 3.55 earnings per share for the current 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.