Palo Alto Networks, Inc. (NASDAQ:PANW) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lowered its holdings in Palo Alto Networks, Inc. (NASDAQ:PANW) by 4.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 10,491 shares of the network technology company’s stock after selling 521 shares during the period. Palo Alto Networks makes up 0.5% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 17th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Palo Alto Networks were worth $3,094,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. GSG Advisors LLC boosted its stake in Palo Alto Networks by 1.0% during the fourth quarter. GSG Advisors LLC now owns 5,160 shares of the network technology company’s stock worth $1,478,000 after buying an additional 51 shares during the period. Spirit of America Management Corp NY increased its holdings in Palo Alto Networks by 50.0% in the 4th quarter. Spirit of America Management Corp NY now owns 300 shares of the network technology company’s stock valued at $88,000 after purchasing an additional 100 shares during the last quarter. Truist Financial Corp raised its position in Palo Alto Networks by 148.9% in the third quarter. Truist Financial Corp now owns 189,801 shares of the network technology company’s stock valued at $44,497,000 after purchasing an additional 113,534 shares during the period. Treasurer of the State of North Carolina lifted its stake in Palo Alto Networks by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 137,104 shares of the network technology company’s stock worth $32,143,000 after purchasing an additional 735 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. purchased a new position in shares of Palo Alto Networks during the fourth quarter worth $3,135,000. Institutional investors and hedge funds own 79.82% of the company’s stock.

Palo Alto Networks Stock Performance

Palo Alto Networks stock traded down $4.79 during midday trading on Friday, reaching $279.07. The company’s stock had a trading volume of 2,907,960 shares, compared to its average volume of 3,750,887. The firm has a market capitalization of $90.17 billion, a PE ratio of 43.60, a P/E/G ratio of 3.80 and a beta of 1.19. Palo Alto Networks, Inc. has a fifty-two week low of $176.30 and a fifty-two week high of $380.84. The stock’s 50 day simple moving average is $303.68 and its 200 day simple moving average is $289.32.

Palo Alto Networks (NASDAQ:PANW) last issued its quarterly earnings data on Tuesday, February 20th. The network technology company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.22. Palo Alto Networks had a return on equity of 36.58% and a net margin of 30.24%. The firm had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Equities analysts predict that Palo Alto Networks, Inc. will post 2.76 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on PANW. Rosenblatt Securities lowered shares of Palo Alto Networks from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $290.00 to $265.00 in a research note on Wednesday, February 21st. Truist Financial upped their price objective on Palo Alto Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Tuesday, February 20th. Oppenheimer decreased their target price on Palo Alto Networks from $310.00 to $305.00 and set an “outperform” rating for the company in a report on Wednesday, February 21st. Cantor Fitzgerald cut their price target on Palo Alto Networks from $400.00 to $350.00 and set an “overweight” rating on the stock in a report on Wednesday, February 21st. Finally, BMO Capital Markets decreased their price objective on Palo Alto Networks from $378.00 to $327.00 and set an “outperform” rating for the company in a research note on Wednesday, February 21st. Eleven research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.82.

Insider Activity at Palo Alto Networks

In related news, EVP Lee Klarich sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $268.04, for a total transaction of $16,082,400.00. Following the sale, the executive vice president now owns 174,075 shares in the company, valued at $46,659,063. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Lee Klarich sold 60,000 shares of Palo Alto Networks stock in a transaction on Friday, April 5th. The stock was sold at an average price of $268.04, for a total value of $16,082,400.00. Following the transaction, the executive vice president now owns 174,075 shares in the company, valued at $46,659,063. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Josh D. Paul sold 1,050 shares of Palo Alto Networks stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $280.00, for a total value of $294,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 27,247 shares in the company, valued at $7,629,160. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,017 shares of company stock valued at $52,068,877. 3.30% of the stock is owned by insiders.

Palo Alto Networks Company 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.