Pinnacle Associates 13F: Cuts PANW Stake by $2.1M

Pinnacle Associates lowered its investment in Palo Alto Networks, Inc. PANW during the quarter, according to a Form 13F filing with the SEC on October 20, 2026. The fund cut its holdings by 5,349 shares, marking a 6.7% reduction. That left the firm with 74,450 shares valued at roughly $29.6 million at the time of the report.

PANW Palo Alto Networks, Inc.

$340.28 ▲ +89.71% year to date

1M 3M YTD

Daily close · Oct 20, 2026

What Changed in Pinnacle Associates's Palo Alto Networks Position

The fund held 79,799 shares of the cybersecurity firm prior to the adjustment. Selling 5,349 shares brought the ending stake down to 74,450 shares. The remaining shares carried a reported value of $29.58 million.

Other Institutional Activity in Palo Alto Networks

Other major funds also adjusted their positions in the software maker recently. First Citizens Bank & Trust grew its holdings by 10,392 shares, ending with 18,600 shares worth about $7.4 million. Kmg Fiduciary Partners reduced its stake by 4,339 shares, leaving it with 13,348 shares valued at approximately $5.3 million. DAVENPORT trimmed its position by 144,390 shares to finish with 346,851 shares worth about $137.2 million. PensionDanmark Pensionsforsikringsaktieselskab raised its holdings by 13,079 shares, ending with 136,929 shares valued at roughly $54.4 million. Financial Synergies Wealth Advisors opened a new position by purchasing 538 shares worth about $213,753.

Palo Alto Networks, Inc. Stock Up 4.7%

Palo Alto Networks shares recently traded around $347.17, up about 2.0% from the $340.28 close recorded on the October 20 filing date. The stock sits about 6.5% below its 50-day moving average and roughly 31.9% above its 200-day moving average. Shares trade 19.7% below their 52-week high of $432.33 and well above their 52-week low of $139.57.

Recent Earnings

Palo Alto Networks generated $11.48 billion in trailing twelve-month revenue. The cybersecurity provider posted a net profit margin of 2.7% and a return on equity of 1.7%. The company holds a trailing twelve-month earnings per share of $0.40, with a price-to-earnings ratio of 868.125 and a forward P/E of 71.17. Investors look ahead to the next earnings report scheduled for November 19, 2026.

Insider Buying and Selling at Palo Alto Networks, Inc.

Company insiders executed several transactions leading up to the filing. Director Aparna Bawa sold 260 shares on September 24 at $392.68 per share for a total of $102,098. Chief Financial Officer Dipak Golechha sold 27,500 shares on the same day valued at approximately $10.8 million. Officer Joshua D. Paul sold 400 shares on October 1 at $395.70 per share for $158,280. Director Aparna Bawa sold another 250 shares on October 9 at $412.28 per share for $103,070.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. BTIG maintained a Buy rating with a $425.00 target on September 28. TD Cowen maintained a Buy rating on October 2, lifting its target to $440.00. Amerx initiated coverage with a Hold rating on October 8. Wells Fargo maintained an Overweight rating on October 13, raising its price target to $525.00. Citigroup maintained a Buy rating on October 15 with a target of $440.00. Overall, the stock holds a consensus Buy rating from 50 analysts, with a mean price target of $398.52.

About Palo Alto Networks

Palo Alto Networks, Inc. builds cybersecurity tools for businesses across the globe. Headquartered in Santa Clara, California, the company creates network security management platforms, cloud access solutions, and artificial intelligence protection systems to secure enterprise digital infrastructure.

Bottom Line

Pinnacle Associates holds a notable stake in Palo Alto Networks following its recent share reduction. Market participants will watch the company's upcoming earnings release on November 19, 2026, for further updates on financial performance and revenue growth.