Munich Reinsurance cuts Palo Alto Networks stake by 77.8% in Q2

Munich Reinsurance trims PANW position

Munich Reinsurance Co Stock Corp in Munich cut its holdings in Palo Alto Networks, Inc. (NASDAQ: PANW) by 77.8% during the second quarter, according to the institutional investor's most recent disclosure with the Securities and Exchange Commission. The investor sold 237,634 shares during the period, leaving it with 67,942 shares of the network technology company worth approximately $23,170,000 at the end of the reporting period.

Quarterly results and analyst stance

Palo Alto Networks reported adjusted earnings per share of $1.02 against a $0.98 consensus estimate, with revenue of $3.41 billion, up 34.5% year over year. Analysts tracked by MarketBeat maintained a "Moderate Buy" consensus with an average price target of $385.67, while Scotiabank downgraded the stock to "hold." Institutional investors collectively own 79.82% of PANW.

Valuation context and insider activity

PANW shares traded near $333.26 with a price-to-earnings ratio above 653. Insiders have sold roughly $11.15 million worth of stock over the past 90 days. Other institutional investors also adjusted PANW exposure in the quarter, including Trilogy Capital Inc., Wisconsin Wealth Advisors LLC and Orrstown Financial Services Inc., each making small additions to their positions.

Sector backdrop

The disclosures came as MarketBeat compared Palo Alto Networks with peer Zscaler in a post-earnings cybersecurity stock analysis. The same reporting flagged AI expansion and cybersecurity growth as positives for PANW while noting that valuation and broader sector pressure could weigh on near-term momentum.