Palo Alto Networks slips as 3-for-1 stock split takes effect
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Palo Alto Networks (NASDAQ:PANW) slipped into the red Wednesday after the network software and security technology company enacted a 3-for-1 stock split.
The company's shares gave up 1% on the first day of trading as investors reacted tentatively to the stock split. Palo Alto Networks (PANW) first announced plans for the split on August 22.

This has been a year of stock splits among leading tech stocks, and Internet stocks, in particular. Amazon (AMZN) enacted a 20-for-1 stock split on June 6, while Alphabet (GOOG) held its own 20-for-1 stock split on July 15. Shopify (SHOP) enacted a 10-for-1 stock split on June 29.
With its stock being split-adjusted, Palo Alto Networks (PANW) shares are off 2% for the year.
Wall Street analysts have a consensus strong buy rating on Palo Alto Networks (PANW) stock, while Seeking Alpha authors have a buy rating on the company's shares. Meanwhile, Seeking Alpha's quant system, which regularly outperforms the stock market, has a hold rating on Palo Alto Networks (PANW) stock.