ETFs Are Net Sellers of Palo Alto Networks (PANW) on Oct. 16
This article first appeared on GuruFocus.
ETF flows showed net selling of $87.4 million in Palo Alto Networks (PANW) last Friday, even though more funds traded the other way in smaller amounts. Thirty-two ETFs bought shares while 21 sold, and 155 held steady. The net selling followed a $2.5 million outflow on Thursday, after inflows of $34.4 million on Wednesday, $97.3 million on Tuesday and $10.0 million on Monday. The stock has now seen same-direction net selling for 2 straight days.
Every ETF and guru trade in PANW is tracked on the PANW guru trades page.
Which ETFs sold PANW on Friday?
The largest sellers by dollar value were IGV ($63.3 million), QQQ ($40.6 million) and XLK ($2.3 million). In all, 32 ETFs added shares and 21 cut them.
IGV drove the move, cutting its stake by 5.14% and $63.3 million, with shares held at 3,416,876 and a weight of 8.48%. QQQ reduced its position by $40.6 million, a 0.69% change, while XLK trimmed $2.3 million and JPEF $1.7 million. Smaller reductions came from IWF, MTUM, IYW and QLD. Palo Alto Networks sits in the Technology sector and the Software – Infrastructure industry, with a market cap of $283.8 billion.
Have ETFs been buying or selling PANW lately?
Over the last 5 reported days, ETFs were net buyers on 3 and net sellers on 2, so the recent trend is mostly buying.
What does PANW do?
Palo Alto Networks, incorporated in 2005 and headquartered in Santa Clara, California, is a global AI cybersecurity provider whose strategy is to help customers consolidate disparate point products onto integrated platforms.
Palo Alto Networks reported trailing-12-month revenue of $11.48 billion, up 15.6% over one year, with a gross margin of 65.5% and a net margin of 2.7%. Its P/E ratio was 676.32, P/B 10.29 and P/S 23.04, against a market cap of $283.8 billion. The GF Score was 79, and GF Value of $235.67 compared with a price of $346.95. The stock returned 88.36% year to date.