What is Panda update for SEO?

Google Panda. Google Panda is a change to Google's search results ranking algorithm that was first released in February 2011. The change aimed to lower the rank of "low-quality sites" or "thin sites", in particular "content farms", and return higher-quality sites near the top of the search results.
 
“Panda is an algorithm that’s applied to sites overall and has become one of our core ranking signals. It measures the quality of a site, which you can read more about in our guidelines. Panda allows Google to take quality into account and adjust ranking accordingly.” was said by the Gary Illyes from the Google.

Google panda is said to be less in the functionality that means it has been changed very little, not changed very much over the time. It is more about how one perceives it in the context of the algorithm.
 
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