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 $22,085,587 were sold by Arora Nikesh on Aug 13 ’24. At $333.79 per share, Arora Nikesh sold 66,166 shares. The insider’s holdings dropped to 639,994 shares worth approximately $219.69 million following the completion of this transaction.
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Also, Nikesh Arora purchased 66,166 shares, netting a total of over 22,048,496 in proceeds.
Before that, Arora Nikesh had sold 500 shares from its account. In a trade valued at $166,529, the Chief Executive Officer traded Palo Alto Networks Inc shares for $333.06 each. Upon closing the transaction, the insider’s holdings decreased to 500 shares, worth approximately $219.69 million.
As published in a research note from Redburn Atlantic on July 18, 2024, Palo Alto Networks Inc [PANW] has been rated down from a Buy to a Neutral and the price target has been revised to $325 from $350. Analysts at DA Davidson started covering the stock with ‘”a Buy”‘ outlook in a report released in late June. As of May 29, 2024, Daiwa Securities has initiated its “an Outperform” rating for PANW. Earlier on February 21, 2024, Rosenblatt downgraded its rating. Their new recommendation was “a Neutral” 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 8.16%. Over the course of the year, Palo Alto Networks Inc shares have jumped approximately 16.41%. 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 $324.33, while a 200-day SMA reached $303.96. Nevertheless, trading volume fell to 3.18 million shares from 3.5 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 340.31, which, if violated, would cause prices to drop to 337.36. In the upper region, resistance lies at 346.00. The next price resistance is at 348.74. RSI (Relative Strength Index) is 61.91 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 18.65, which suggests the price will increase in the coming days. Percent R is at 4.06%, indicating bullish price movement. Stochastics%K at selling indicates that the stock is to be held.
