SlateStone Wealth LLC Invests $1.06 Million in Palo Alto Networks, Inc. (NYSE:PANW)

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SlateStone Wealth LLC purchased a new position in shares of Palo Alto Networks, Inc. (NYSE:PANW) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,325 shares of the network technology company’s stock, valued at approximately $1,059,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Cedar Capital LLC increased its stake in shares of Palo Alto Networks by 31.3% during the third quarter. Cedar Capital LLC now owns 11,380 shares of the network technology company’s stock worth $2,785,000 after buying an additional 2,710 shares during the period. Marco Investment Management LLC increased its stake in shares of Palo Alto Networks by 22.3% during the third quarter. Marco Investment Management LLC now owns 5,475 shares of the network technology company’s stock worth $1,340,000 after buying an additional 1,000 shares during the period. Psagot Investment House Ltd. increased its stake in shares of Palo Alto Networks by 4.4% during the third quarter. Psagot Investment House Ltd. now owns 41,801 shares of the network technology company’s stock worth $10,231,000 after buying an additional 1,769 shares during the period. Colonial Trust Advisors increased its stake in shares of Palo Alto Networks by 11.3% during the third quarter. Colonial Trust Advisors now owns 22,237 shares of the network technology company’s stock worth $5,443,000 after buying an additional 2,261 shares during the period. Finally, Alberta Investment Management Corp increased its stake in shares of Palo Alto Networks by 10.1% during the third quarter. Alberta Investment Management Corp now owns 21,800 shares of the network technology company’s stock worth $5,336,000 after buying an additional 2,000 shares during the period. 78.50% of the stock is currently owned by institutional investors and hedge funds.

In other news, President Amit K. Singh sold 1,378 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $235.11, for a total value of $323,981.58. Following the completion of the transaction, the president now directly owns 105,115 shares of the company’s stock, valued at approximately $24,713,587.65. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nir Zuk sold 12,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $250.58, for a total value of $3,006,960.00. Following the completion of the transaction, the executive vice president now directly owns 923,934 shares of the company’s stock, valued at $231,519,381.72. The disclosure for this sale can be found here. Insiders sold a total of 72,756 shares of company stock valued at $18,569,240 in the last quarter. Corporate insiders own 2.30% of the company’s stock.

Shares of NYSE PANW traded down $7.59 during mid-day trading on Friday, hitting $221.18. 20,620 shares of the company traded hands, compared to its average volume of 1,339,436. Palo Alto Networks, Inc. has a 1 year low of $125.47 and a 1 year high of $275.03. The stock has a market capitalization of $21.73 billion, a price-to-earnings ratio of -83.19 and a beta of 1.17. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 2.80. The business has a 50 day moving average of $243.79 and a two-hundred day moving average of $235.30.

Palo Alto Networks (NYSE:PANW) last announced its earnings results on Monday, August 24th. The network technology company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.39 by $0.09. Palo Alto Networks had a negative return on equity of 9.61% and a negative net margin of 7.83%. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $924.29 million. During the same period in the prior year, the business posted $1.47 earnings per share. Palo Alto Networks’s revenue was up 17.9% compared to the same quarter last year. As a group, research analysts anticipate that Palo Alto Networks, Inc. will post -0.21 EPS for the current year.

A number of research firms recently weighed in on PANW. Zacks Investment Research lowered shares of Palo Alto Networks from a “hold” rating to a “sell” rating and set a $268.00 target price on the stock. in a research note on Friday, August 28th. Oppenheimer raised their price target on Palo Alto Networks from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Friday, August 21st. ValuEngine upgraded Palo Alto Networks from a “hold” rating to a “buy” rating in a research report on Monday, October 12th. Wells Fargo & Company raised their price target on Palo Alto Networks from $275.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Finally, Piper Sandler raised their price target on Palo Alto Networks from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Tuesday, August 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $291.32.

About Palo Alto Networks

Palo Alto Networks, Inc provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software deployed on an end-customer's network 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 (NYSE:PANW)

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