Steel Grove Capital Advisors LLC sells 326 shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

VaselineSeptember 24, 2024

0 4 minutes read

Steel Grove Capital Advisors LLC reduced its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 33.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 651 shares of the network technology company’s stock after selling 326 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Palo Alto Networks were worth $221,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Sunbelt Securities Inc. raised its holdings in Palo Alto Networks by 91.0% in the first 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 in the last quarter. Jennison Associates LLC grew its stake in shares of Palo Alto Networks by 7.6% in the first quarter. Jennison Associates LLC now owns 2,814,881 shares of the network technology company’s stock valued at $799,792,000 after purchasing an additional 198,078 shares in the last quarter. Brookstone Capital Management boosted its holdings in Palo Alto Networks by 48.4% in the first quarter. Brookstone Capital Management now owns 26,404 shares of the network technology company’s stock worth $7,502,000 after acquiring an additional 8,611 shares during the period. Wealthspire Advisors LLC boosted its stake in shares of Palo Alto Networks by 1.7% in the first quarter. Wealthspire Advisors LLC now owns 4,377 shares of the network technology company’s stock worth $1,244,000 after purchasing an additional 75 shares in the last quarter. Finally, Connectus Wealth LLC boosted its holdings in Palo Alto Networks by 22.8% in the fourth quarter. Connectus Wealth LLC now owns 43,813 shares of the network technology company’s stock valued at $12,920,000 after purchasing an additional 8,132 shares during the period. Hedge funds and other institutional investors own 79.82% of the company’s shares.

Palo Alto Networks stock rose 1.2%

Shares of NASDAQ:PANW opened at $344.17 on Tuesday. The stock has a market cap of $111.44 billion, a PE ratio of 50.02, a price-to-earnings-growth ratio of 5.04 and a beta of 1.13. The company’s 50-day moving average price is $336.46 and its 200-day moving average price is $313.98. Palo Alto Networks, Inc. has a twelve month low of $224.64 and a twelve month high of $380.84.

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Palo Alto Networks (NASDAQ:PANW – Get Your Free Report ) last posted its quarterly earnings results on Monday, August 19th. The networking technology company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.10. Palo Alto Networks had a net margin of 32.11% and a return on equity of 26.83%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. In the same period last year, the firm earned $0.80 per share. The company’s quarterly revenue was up 12.1% year over year. Analysts expect Palo Alto Networks, Inc. to post 3.55 earnings per share for the current fiscal year.

Insiders place their bets

In other news, CAO Josh D. Paul sold 200 shares of Palo Alto Networks 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 approximately $8,443,916. The transaction was disclosed in a legal filing with the SEC, which can be accessed via this link. In other news, CAO Josh D. Paul sold 200 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $338.00, for a total transaction of $67,600.00. Following the sale, the chief accounting officer now directly owns 24,982 shares in the company, valued at approximately $8,443,916. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, Director Mary Pat Mccarthy sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $348.49, for a total transaction of $3,484,900.00. Following the completion of the transaction, the director now directly owns 31,517 shares of the company’s stock, valued at approximately $10,983,359.33. The disclosure for this sale can be found here. Insiders sold a total of 464,075 shares of company stock worth $154,029,567 over the last quarter. 3.30% of shares are currently held by corporate insiders.

Changes in Analyst Ratings

PANW has been the subject of several recent analyst reports. Morgan Stanley boosted their price target on Palo Alto Networks from $360.00 to $390.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Oppenheimer boosted their price target on Palo Alto Networks from $390.00 to $410.00 and gave the company an “outperform” rating in a research note on Tuesday, August 20th. Cantor Fitzgerald restated an “overweight” rating and issued a $350.00 target price on shares of Palo Alto Networks in a research note on Monday, August 19th. Citigroup boosted their price objective on shares of Palo Alto Networks from $385.00 to $395.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Argus upped their target price on shares of Palo Alto Networks from $336.00 to $348.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Thirteen analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Moderate Buy” and a consensus price target of $366.08, according to MarketBeat.com.

Check out the latest stock report on PANW

Palo Alto Networks Company Profile

(Free Report)

Palo Alto Networks, Inc. provides cybersecurity solutions worldwide. The company provides firewall devices and software; and Panorama, a security management solution for global control of the network security platform as a virtual or physical appliance. It also offers subscription services covering the areas of threat prevention, malware and persistent threats, URL filtering, laptop and mobile protection, DNS security, Internet of Things security, API SaaS security and inline SaaS security, as well as threat intelligence and data loss prevention.