The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Palo Alto Networks Inc shares valued at $16,082,453 were sold by Klarich Lee on Apr 05 ’24. At $268.04 per share, Klarich Lee sold 60,000 shares. The insider’s holdings dropped to 174,075 shares worth approximately $51.15 million following the completion of this transaction.
Also, ZUK NIR sold 36,000 shares, netting a total of over 10,096,399 in proceeds. Following the sale of shares at $280.46 each, the insider now holds 1,331,567 shares.
Before that, Paul Josh D. had sold 250 shares from its account. In a trade valued at $71,272, the Chief Accounting Officer traded Palo Alto Networks Inc shares for $285.09 each. Upon closing the transaction, the insider’s holdings decreased to 250 shares, worth approximately $7.73 million.
As published in a research note from Rosenblatt on February 21, 2024, Palo Alto Networks Inc [PANW] has been rated down from a Buy to a Neutral and the price target has been revised to $265 from $290. Analysts at Piper Sandler downgraded the stock from ‘”an Overweight”‘ to ‘”a Neutral”‘ outlook in a report released in late February. As of February 21, 2024, Northland Capital has decreased its “an Outperform” rating to a “Market perform” for PANW. Earlier on February 21, 2024, Loop Capital downgraded its rating. Their new recommendation was “a Hold” for PANW stock which previously was a “a Buy”.
Analyzing PANW Stock Performance
During the last five days, there has been a surge of approximately 5.95%. Over the course of the year, Palo Alto Networks Inc shares have dropped approximately -0.36%. Shares of the company reached a 52-week high of $380.84 on 02/09/24 and a 52-week low of $260.09 on 02/21/24. A 50-day SMA is recorded $292.39, while a 200-day SMA reached $273.71. Nevertheless, trading volume fell to 2.8 million shares from 4.07 million shares the previous day.
Support And Resistance Levels for Palo Alto Networks Inc (PANW)
According to the 24-hour chart, there is a support level at 291.49, which, if violated, would cause prices to drop to 289.17. In the upper region, resistance lies at 295.57. The next price resistance is at 297.33. RSI (Relative Strength Index) is 58.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 10.16, which suggests the price will increase in the coming days. Percent R is at 3.97%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
