Atlantic Union Bankshares Corp Sells 1,903 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Atlantic Union Bankshares Corp lessened its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 5.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,533 shares of the network technology company's stock after selling 1,903 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Palo Alto Networks were worth $5,210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Transce3nd LLC bought a new position in Palo Alto Networks in the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL raised its position in Palo Alto Networks by 64.0% in the 4th quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Anchor Investment Management LLC increased its stake in shares of Palo Alto Networks by 100.0% in the 4th quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock valued at $28,000 after buying an additional 78 shares during the period. Kiely Wealth Advisory Group Inc. increased its stake in shares of Palo Alto Networks by 100.0% in the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock valued at $29,000 after buying an additional 75 shares during the period. Finally, Capital A Wealth Management LLC acquired a new stake in shares of Palo Alto Networks in the 4th quarter valued at $29,000. Institutional investors own 79.82% of the company's stock.

Analyst Upgrades and Downgrades

PANW has been the subject of a number of analyst reports. Northland Securities decreased their price objective on Palo Alto Networks from $210.00 to $177.00 and set a "market perform" rating for the company in a research note on Wednesday, May 21st. Wells Fargo & Company lifted their target price on Palo Alto Networks from $225.00 to $235.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Truist Financial cut their price target on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Cantor Fitzgerald reiterated an "overweight" rating and set a $223.00 target price on shares of Palo Alto Networks in a report on Monday, May 19th. Finally, TD Securities reiterated a "buy" rating and set a $230.00 target price on shares of Palo Alto Networks in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $209.16.

Insider Transactions at Palo Alto Networks

In other news, EVP Dipak Golechha sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $201.85, for a total value of $1,009,250.00. Following the transaction, the executive vice president owned 101,135 shares in the company, valued at $20,414,099.75. The trade was a 4.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lee Klarich sold 120,774 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $189.27, for a total value of $22,858,894.98. Following the completion of the transaction, the executive vice president owned 293,010 shares in the company, valued at approximately $55,458,002.70. The trade was a 29.19% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 569,248 shares of company stock worth $111,279,829. 2.50% of the stock is owned by insiders.

Palo Alto Networks Price Performance

Shares of NASDAQ:PANW opened at $195.78 on Friday. Palo Alto Networks, Inc. has a 1 year low of $142.01 and a 1 year high of $208.39. The company has a market capitalization of $130.55 billion, a price-to-earnings ratio of 111.87, a P/E/G ratio of 5.47 and a beta of 0.97. The business's 50-day moving average is $195.58 and its 200-day moving average is $186.06.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last issued its earnings results on Tuesday, May 20th. The network technology company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.77 by $0.03. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm's revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. Analysts anticipate that Palo Alto Networks, Inc. will post 1.76 EPS 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.

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