Snider Financial Group has increased its investment in Palo Alto Networks, Inc. (NASDAQ: PANW) by 14.8% in the second quarter of 2023. According to HoldingsChannel.com, the firm acquired an additional 2,627 shares, raising its total holdings to 20,356 shares, which now represent 1.2% of Snider Financial Group’s overall portfolio. This positions Palo Alto Networks as the group’s 27th largest investment, valued at approximately $4.166 million.
Several other institutional investors have also made significant moves regarding Palo Alto Networks. For instance, Benchmark Financial Wealth Advisors LLC initiated a position in the company worth around $342,000 during the same quarter. Telos Capital Management Inc. expanded its holdings by 25.5%, now owning 75,086 shares valued at $15.366 million after purchasing an additional 15,273 shares. EPG Wealth Management LLC and Sigma Planning Corp also increased their stakes, with EPG holding 14,264 shares worth $2.919 million and Sigma owning 27,320 shares valued at $5.591 million. Notably, South Dakota Investment Council grew its stake by a remarkable 77.5%, now owning 6,391 shares valued at $1.308 million. Overall, institutional investors control approximately 79.82% of Palo Alto Networks’ stock.
Analysts Offer Mixed Ratings
Palo Alto Networks has attracted attention from market analysts, resulting in a range of ratings. On August 19, 2023, Guggenheim raised its price target on the stock from $130.00 to $135.00 while maintaining a “sell” rating. Truist Financial set a target of $220.00 and issued a “buy” rating, reflecting a more optimistic outlook. Barclays adjusted its price objective upward to $215.00, reiterating an “overweight” rating.
In contrast, BTIG Research upgraded Palo Alto Networks from a “neutral” to a “buy” rating on October 13, 2023. BMO Capital Markets also increased its target price from $217.00 to $225.00, assigning an “outperform” rating. The consensus among analysts shows a strong preference for the stock, with thirty analysts rating it a “buy,” eleven a “hold,” and two a “sell.” According to data from MarketBeat.com, the average rating stands at “Moderate Buy,” with a price target of $218.17.
Insider Trading Activity
In related news, significant insider trading occurred recently. EVP Dipak Golechha sold 5,000 shares on September 23, 2023, at an average price of $204.19, totaling approximately $1.021 million. Following this transaction, Golechha possesses 96,135 shares valued at around $19.630 million, representing a 4.94% decrease in his holdings.
CEO Nikesh Arora also made headlines by selling 846,408 shares on the same day for around $172.718 million. After this sale, his remaining shares are valued at approximately $56.119 million, marking a substantial 75.48% reduction in his position. Over the past three months, insiders have sold a total of 1,094,356 shares, amounting to roughly $222.685 million. Currently, corporate insiders hold 2.50% of the company’s stock.
Palo Alto Networks shares opened at $220.24 on Monday, exhibiting a slight increase of 0.9%. The company has experienced a twelve-month low of $144.15 and a high of $223.61. With a market capitalization of $147.32 billion, Palo Alto Networks operates with a P/E ratio of 137.22 and a P/E/G ratio of 5.24.
The company recently announced its quarterly earnings on August 18, 2023, reporting earnings per share (EPS) of $0.95, exceeding analyst expectations of $0.89. Revenue for the quarter reached $2.54 billion, surpassing forecasts of $2.50 billion. This reflects a year-over-year revenue increase of 15.8%. The firm expects EPS guidance for fiscal year 2026 to fall between $3.750 and $3.850, with first-quarter guidance set at $0.880 to $0.900.
Palo Alto Networks, Inc. provides a wide range of cybersecurity solutions globally, including firewall appliances, security management software, and various subscription services aimed at threat prevention and data protection.
