DAVENPORT 13F: Cuts Palo Alto Networks (PANW) Stake by $57M

Davenport lowered its exposure to Palo Alto Networks, Inc. (NasdaqGS:PANW) during the period, trimming its stake by 29.4% according to a Form 13F filing with the U.S. Securities and Exchange Commission on October 14, 2026. Because 13F filings look backward at holdings from the end of the reported quarter, the filing may not reflect the investor's current position today.

Inside Davenport's Palo Alto Networks Trade

Davenport sold off 144,390 shares of the cybersecurity provider, leaving it with 346,851 shares total. The remaining block was valued at approximately $137.2 million at the time of the report.

Other Institutional Activity in Palo Alto Networks

Other large funds made major adjustments to their Palo Alto Networks positions around the same time. Blackrock Inc. grew its holdings by 3,324,492 shares, ending with 75,753,509 shares worth about $25,907,700,078 after a 4.6% increase. Vanguard Capital Management LLC lifted its stake by 364,079 shares to finish with 53,129,128 shares valued at roughly $18,170,161,776, marking a 0.7% boost. State Street Corporation added 1,493,942 shares for a 4.2% increase, bringing its total to 36,794,979 shares valued at $12,646,987,974. Meanwhile, Morgan Stanley trimmed its investment, cutting 2,870,028 shares or 8.9% to end with 29,450,112 shares worth $10,071,938,304. Invesco Ltd. grew its holdings by 1,720,391 shares, ending with 25,647,946 shares worth about $8,771,597,532 following a 7.2% increase.

Palo Alto Networks, Inc. Stock Down 8.7%

Palo Alto Networks shares recently traded around $342.32 as of October 16, 2026. The stock sits about 8.3% below its 50-day moving average of $373.46, while remaining roughly 32.2% above its 200-day moving average of $258.98. The company carries a market capitalization near $302.9 billion and a trailing-twelve-month price-to-earnings ratio of 925.68.

Recent Earnings

For its trailing twelve months, Palo Alto Networks reported $11.48 billion in revenue alongside earnings of $0.40 per share. The company posted a net margin of 2.7% and a return on equity of 1.7%. Investors are awaiting the next earnings report, scheduled for November 19, 2026.

Insider Buying and Selling at Palo Alto Networks, Inc.

Company insiders were active in the market ahead of the filing. Chief Financial Officer Dipak Golechha sold 27,500 shares on September 24, 2026, in a transaction valued at $10,769,137. Director Aparna Bawa sold 260 shares on September 24, 2026, at an average price of $392.68 for a total of $102,098. Officer Joshua D. Paul sold 400 shares on October 1, 2026, at $395.70 per share, totaling $158,280. Later, on October 9, 2026, director Bawa Aparna sold 250 shares at $412.28 each, valued at $103,070.

Analysts Set New Price Targets

Wall Street analysts have maintained generally positive stances on the stock. On September 21, 2026, Morgan Stanley maintained its Overweight rating while raising its price target to $410.00 from $394.00. BTIG maintained a Buy rating on September 28, 2026, lifting its target from $404.00 to $425.00. TD Cowen maintained a Buy rating on October 2, 2026, raising its target to $440.00 from $400.00. Amerx initiated coverage with a Hold rating on October 8, 2026, and Wells Fargo maintained an Overweight rating on October 13, 2026, raising its target to $525.00 from $475.00. The stock currently holds a consensus Buy rating from 50 analysts, with a mean price target of $398.52.

About Palo Alto Networks

Palo Alto Networks, Inc. provides enterprise cybersecurity tools and cloud-based protection services. Headquartered in Santa Clara, California, the company offers secure access platforms, network security management tools, and AI ecosystem protection solutions to corporate clients worldwide.

Bottom Line

Davenport's reduced stake is part of ongoing institutional portfolio adjustments for Palo Alto Networks. Investors will be watching the company's upcoming earnings release on November 19, 2026, for further updates on its financial performance. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.