Empowered Funds LLC, an investment company based in the United States, has decreased its holdings in Palo Alto Networks Inc. by 17.4% during the first quarter of 2023 according to its recent filing with the Securities and Exchange Commission. The firm sold 1,241 shares of Palo Alto Networks’ network technology company’s stocks, reducing its holdings to only 5,911 shares worth $1,181,000.
This move by Empowered Funds LLC comes following the earning release announcement by Palo Alto Networks on Tuesday, May 23rd. The network technology company reported earnings per share (EPS) of $0.38 for the quarter; a considerable difference from the consensus estimate of $0.23 EPS by $0.15 which exceeded investors’ expectations. The firm earned $1.72 billion in revenue during Q1, slightly above the consensus estimate of $1.71 billion.
Palo Alto Networks operates in three geographical segments – The United States, Israel and Other Countries – providing a wide range of network security solutions to government entities, service providers and enterprises alike. The firm was established in March 2005 in Santa Clara California and is widely considered one of the leading players within this sector.
Despite Empowered Funds LLC’s decision to decrease its holdings in Palo Alto Network’s stock market shares, equities analysts predict that the company will continue to deliver strong financial results throughout this fiscal year which ends in June 2023 with an expectation to post earnings per share of approximately $1.42.
Overall, while some investors may view Empowered Fund LLCs move as a cause for concern about Palo Alto Network’s performance potential for growth; industry experts continue to remain optimistic about its future prospects within this lucrative market sector fueled by increased demand across businesses for robust cybersecurity solutions and data privacy protection measures aimed at preventing cybercrime from exploits such as hacking or identity theft attacks on personal information stored digitally online platforms.
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Palo Alto Networks Sees Surge in Institutional Investor Interest and Impressive Share Performance Amid Growing Cybersecurity Demands
Palo Alto Networks, a network security solutions provider, has seen an increase in holdings by institutional investors and hedge funds. Vanguard Group registered 150.3% growth in share holdings and now owns over 19 million shares worth $3.1 billion. Norges Bank also acquired new shares while First Trust Advisors LP saw its holdings grow by over 170%. Moneta Group Investment Advisors LLC and Canada Pension Plan Investment Board have also recently added shares in the company. The majority of the company’s stock is owned by these types of investors, at nearly 90%.
Furthermore, Palo Alto Networks’ share performance has been impressive, with the stock opening at $246.53 on June 20th following a period of steady increases this year. The company’s market capitalization stands at over $75 billion.
It is no wonder that equities research analysts have issued numerous reports recommending the purchase of Palo Alto Networks’ shares. Bloomberg.com lists an average rating of “Moderate Buy” for the company and a consensus price target of $234.87.
In more news concerning the company, CEO Nikesh Arora has sold a portion of his stock to realize gains while CAO Josh D. Paul sold shares as well.
Founded in March 2005 by Nir Zuk and headquartered in Santa Clara, California, Palo Alto Networks operates throughout North America and other regions worldwide. Its focus on providing strong cyber security solutions to enterprises, service providers and government entities has resulted in its rapid growth in recent years.
As businesses globally become more reliant on technology on multiple levels – notably remote working and communication technologies adapted during COVID-19 restrictions – demand for strong cybersecurity measures appears set to increase further still.
