Google has confirmed a new Panda update at the same time that it’s announcing 40 search updates that happened in February (or are in progress right now).
Here’s what Google says about its latest Panda-related change:
Panda update. This launch refreshes data in the Panda system, making it more accurate and more sensitive to recent changes on the web.
This sounds very similar to Panda 3.2, which happened in mid-January and was described only as a “data refresh” and not related to new or changed ranking signals.