Trust Co. of Vermont has recently increased its stake in Palo Alto Networks, Inc., a network technology company, by 5.5% during the second quarter of this year, according to a filing with the Securities and Exchange Commission (SEC). The firm now owns 59,506 shares of Palo Alto Networks’ stock, representing a 1.0% holding in the company and making it Trust Co. of Vermont’s 25th largest holding. As of its most recent filing with the SEC on September 24, 2023, Trust Co. of Vermont holds approximately $15,204,000 worth of Palo Alto Networks’ stock.
Palo Alto Networks recently released its quarterly earnings report on August 18th. The company exceeded analysts’ expectations by reporting earnings per share (EPS) of $1.44 for the quarter, surpassing consensus estimates by $0.15. Additionally, the company achieved a return on equity of 51.13% and a net margin of 6.38%. Despite falling slightly short of revenue estimates with $1.95 billion for the quarter compared to analyst projections of $1.96 billion, Palo Alto Networks experienced a significant 26% increase in revenue compared to the same period last year. Analysts anticipate that the company will post earnings per share (EPS) of 2.51 for this fiscal year.
In other news related to Palo Alto Networks’ stock transactions, Executive Vice President Lee Klarich sold 45,000 shares on August 7th at an average price of $215.17 per share resulting in a total value of $9,682,650.00. Following this transaction, Klarich now holds approximately 177,213 shares valued at roughly $38,130,921.21 in the firm directly.
Additionally, President William D.Jenkins Jr.has sold 2,040 shares on September7th at an average price of $245.01 per share, totaling a value of $499,820.40.
It should be noted that insiders have collectively sold 168,140 shares of Palo Alto Networks’ stock in the past three months, with a combined value of $40,276,328. Currently, insiders hold approximately 3.90% of the company’s stock.
This recent increase in stake by Trust Co. of Vermont and the positive financial performance from Palo Alto Networks indicate a growing confidence in the company’s future prospects among investors and insiders alike.
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Significant Changes in Shareholder Base for Palo Alto Networks as Hedge Funds and Institutional Investors Adjust Positions.
September 24, 2023 – Palo Alto Networks, Inc. (NASDAQ:PANW) has recently experienced significant changes in its shareholder base, with a number of hedge funds and institutional investors making adjustments to their positions in the company’s stock. American National Bank, for instance, increased its holdings in Palo Alto Networks by an astonishing 600% during the first quarter. This resulted in the bank owning 126 shares of the network technology company’s stock, valued at $25,000 after including an additional 108 shares purchased in the last quarter.
Dark Forest Capital Management LP also saw a substantial increase in its holdings in Palo Alto Networks. The hedge fund augmented its position by 2,950% during the fourth quarter, ultimately owning 183 shares worth $26,000 after buying an additional 177 shares.
Furthermore, Grey Fox Wealth Advisors LLC entered into a new stake with Palo Alto Networks during the fourth quarter of approximately $26,000. ST Germain D J Co. Inc., on the other hand, experienced a growth rate of 205.3%, increasing their holdings to own 63,353 shares valued at $26,000 after buying an additional 42,600 shares during the last quarter.
Worth Asset Management LLC also joined the movement during the first quarter with a new stake worth approximately $26,000. Overall, approximately 85.69% of Palo Alto Networks’ stock is now owned by institutional investors and hedge funds.
As for trading activity on Friday afternoon (September 22nd), shares of Palo Alto Networks traded up by $1.07 and reached $228.51 per share. A total of 2,219,279 shares were exchanged during this trading session compared to an average volume of around 2,486,065 shares. Over the past year period between September 2022 and September 2023 – which defines PANW’s low and high points respectively – the stock’s price ranged between $132.22 and $258.88.
With a market capitalization of $70.52 billion, Palo Alto Networks carries a price-to-earnings (P/E) ratio of 181.36 and a price-to-earnings-growth (PEG) ratio of 3.26.
Moving averages also play an important role in analyzing the stock’s performance. The firm’s fifty-day moving average price stands at $235.48, whereas its two-hundred-day moving average price is slightly lower at $219.09 per share.
Taking all this into consideration, it is no surprise that several research firms have recently commented on Palo Alto Networks’ status in the market. KeyCorp, for example, boosted their rating on the company to an “overweight” and increased their price objective from $285.00 to $300.00 in a report issued on August 2nd. Similarly, JMP Securities reiterated their “market outperform” rating with a price target of $300.00 on shares of Palo Alto Networks as of August 21st.
Evercore ISI also raised their price objective for the stock from $240.00 to $295.00 and expressed an “outperform” rating in their August 21st report. Cantor Fitzgerald followed suit by increasing their price objective to $250.00 from the previous estimate of $240.00, maintaining an “overweight” rating.
Looking at analyst ratings overall, Bloomberg.com reports that Palo Alto Networks currently holds a consensus rating of “Moderate Buy,” with a consensus price target set at $266.26.
In conclusion, Palo Alto Networks has seen notable changes in its shareholder base during recent quarters as various hedge funds and institutional investors made adjustments to their holdings in the company’s stock.
