Skandinaviska Enskilda Banken AB publ Acquires 19,022 Shares of Palo Alto Networks, Inc. (NASDAQ:PANW)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Palo Alto Networks by 14.3%, acquiring an additional 19,022 shares, bringing its total holdings to 151,607 shares valued at approximately $25.87 million.
• In the last 90 days, corporate insiders have sold 569,248 shares of Palo Alto Networks' stock, totaling about $111.28 million, indicating significant insider trading activity.
• Palo Alto Networks reported earnings of $0.80 per share, exceeding analyst expectations, with revenue of $2.29 billion for the quarter, marking a 15.3% year-over-year increase.

Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW - Free Report) by 14.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 151,607 shares of the network technology company's stock after acquiring an additional 19,022 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Palo Alto Networks were worth $25,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Transce3nd LLC bought a new position in shares of Palo Alto Networks during the 4th quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL increased its stake in shares of Palo Alto Networks by 64.0% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 141 shares of the network technology company's stock worth $26,000 after purchasing an additional 55 shares during the period. Kiely Wealth Advisory Group Inc. increased its stake in shares of Palo Alto Networks by 100.0% during the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 150 shares of the network technology company's stock worth $29,000 after purchasing an additional 75 shares during the period. Anchor Investment Management LLC increased its stake in shares of Palo Alto Networks by 100.0% during the fourth quarter. Anchor Investment Management LLC now owns 156 shares of the network technology company's stock worth $28,000 after purchasing an additional 78 shares during the period. Finally, Capital A Wealth Management LLC bought a new position in shares of Palo Alto Networks during the fourth quarter worth approximately $29,000. 79.82% of the stock is currently owned by institutional investors.

Insider Transactions at Palo Alto Networks

In other news, EVP Dipak Golechha sold 5,000 shares of Palo Alto Networks stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 101,135 shares of the company's stock, valued at approximately $20,414,099.75. This trade represents a 4.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Josh D. Paul sold 800 shares of Palo Alto Networks stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $201.05, for a total value of $160,840.00. Following the completion of the transaction, the chief accounting officer directly owned 42,033 shares of the company's stock, valued at approximately $8,450,734.65. This trade represents a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 569,248 shares of company stock worth $111,279,829. Corporate insiders own 2.50% of the company's stock.

Palo Alto Networks Trading Up 1.0%

Shares of PANW opened at $203.27 on Friday. The stock's 50-day moving average price is $196.34 and its two-hundred day moving average price is $186.72. Palo Alto Networks, Inc. has a 12 month low of $142.01 and a 12 month high of $208.39. The company has a market capitalization of $135.54 billion, a PE ratio of 116.15, a PEG ratio of 5.62 and a beta of 0.97.

Palo Alto Networks (NASDAQ:PANW - Get Free Report) last posted its quarterly earnings data on Tuesday, May 20th. The network technology company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. Palo Alto Networks had a return on equity of 19.48% and a net margin of 13.95%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company posted $0.66 EPS. The business's quarterly revenue was up 15.3% on a year-over-year basis. Equities research analysts predict that Palo Alto Networks, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PANW shares. Jefferies Financial Group increased their target price on Palo Alto Networks from $225.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday. Hsbc Global Res upgraded Palo Alto Networks from a "moderate sell" rating to a "hold" rating in a research note on Thursday, April 10th. JPMorgan Chase & Co. lowered their target price on Palo Alto Networks from $225.00 to $221.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 21st. Sanford C. Bernstein set a $225.00 target price on Palo Alto Networks and gave the stock an "outperform" rating in a research note on Wednesday, May 21st. Finally, Truist Financial lowered their target price on Palo Alto Networks from $213.00 to $205.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and twenty-seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Palo Alto Networks presently has an average rating of "Moderate Buy" and a consensus price target of $209.42.

Palo Alto Networks Profile

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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