Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionBaird Financial Group, Inc.
Latest Disclosed Ownership487,293 shares
Latest Disclosed Value $ 78,122,814
Baird Financial Group, Inc. reports 2.95% decrease in ownership of PANW / Palo Alto Networks, Inc.

On May 14, 2026 - Baird Financial Group, Inc. filed a 13F-HR form disclosing ownership of 487,293 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $78,122,814 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 502,107 shares of Palo Alto Networks, Inc.. This represents a change in shares of -2.95% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 487,293 -14,814 -2.95 78,123 -15.53 0.0657
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS INC COM COMMON 697435105 502,107 -21,885 -4.18 92,488 -13.32 0.1442
2025-11-13 2025-09-30 13F PALO ALTO NETWORKS COMMON 697435105 523,992 6,996 1.35 106,695 0.85 0.1716
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS INC COM COMMON 697435105 516,996 4,572 0.89 105,798 20.99 0.1855
2025-05-15 2025-03-31 13F PALO ALTO NETWORKS INC COM COMMON 697435105 512,424 -18,358 -3.46 87,440 -9.46 0.1684
2025-02-14 2024-12-31 13F PALO ALTO NETWORKS COMMON 697435105 530,782 265,772 100.29 96,581 6.63 0.1847
2024-11-14 2024-09-30 13F PALO ALTO NETWORKS COMMON 697435105 265,010 11,268 4.44 90,580 5.30 0.1759
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COMMON 697435105 253,742 16,067 6.76 86,021 27.38 0.1784
2024-05-14 2024-03-31 13F PALO ALTO NETWORKS COMMON 697435105 237,675 4,585 1.97 67,531 -1.75 0.1416
2024-02-14 2023-12-31 13F PALO ALTO NETWORKS COMMON 697435105 233,090 19,337 9.05 68,734 37.16 0.1566
2023-11-13 2023-09-30 13F PALO ALTO NETWORKS COMMON 697435105 213,753 7,542 3.66 50,112 -4.89 0.1367
2023-08-11 2023-06-30 13F PALO ALTO NETWORKS COMMON 697435105 206,211 19,456 10.42 52,689 41.25 0.1391
2023-05-15 2023-03-31 13F PALO ALTO NETWORKS COMMON 697435105 186,755 39,223 26.59 37,302 186,410.00 0.0920
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COMMON 697435105 147,532 4,236 2.96 21 -99.91 0.0542
2022-11-15 2022-09-30 13F PALO ALTO NETWORKS COMMON 697435105 143,296 96,277 204.76 23,471 1.06 0.0692
2022-08-08 2022-06-30 13F PALO ALTO NETWORKS COMMON 697435105 47,019 -1,822 -3.73 23,224 -23.62 0.0645
2022-05-13 2022-03-31 13F PALO ALTO NETWORKS COMMON 697435105 48,841 2,707 5.87 30,404 18.37 0.0751
2022-02-09 2021-12-31 13F PALO ALTO NETWORKS COMMON 697435105 46,134 531 1.16 25,686 17.59 0.0601
2021-11-12 2021-09-30 13F PALO ALTO NETWORKS COMMON 697435105 45,603 503 1.12 21,844 30.54 0.0559
2021-08-11 2021-06-30 13F PALO ALTO NETWORKS COMMON 697435105 45,100 2,885 6.83 16,734 23.08 0.0435
2021-05-13 2021-03-31 13F PALO ALTO NETWORKS COMMON 697435105 42,215 1,196 2.92 13,596 -6.74 0.0381
2021-02-11 2020-12-31 13F PALO ALTO NETWORKS COMMON 697435105 41,019 -1,492 -3.51 14,578 40.11 0.0436
2020-11-12 2020-09-30 13F PALO ALTO NETWORKS COMMON 697435105 42,511 854 2.05 10,405 8.76 0.0356
2020-10-22 2020-06-30 13F/A-1 PALO ALTO NETWORKS COMMON 697435105 41,657 765 1.87 9,567 42.68 0.0360
2020-08-14 2020-06-30 13F PALO ALTO NETWORKS COMMON 697435105 63,777 22,885 14,748 29,227.1853
2020-05-14 2020-03-31 13F PALO ALTO NETWORKS COMMON 697435105 40,892 -27,886 -40.54 6,705 -57.84 0.0306
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COMMON 697435105 68,778 20,753 43.21 15,905 62.48 0.0571
2019-11-14 2019-09-30 13F PALO ALTO NETWORKS Common 697435105 48,025 -151 -0.31 9,789 -0.28 0.0386
2019-08-14 2019-06-30 13F PALO ALTO NETWORKS COMMON 697435105 48,176 5,185 12.06 9,816 -6.00 0.0382
2019-05-14 2019-03-31 13F PALO ALTO NETWORKS COMMON 697435105 42,991 1,143 2.73 10,442 32.48 0.0611
2019-02-14 2018-12-31 13F PALO ALTO NETWORKS COMMON 697435105 41,848 -1,022 -2.38 7,882 -18.22 0.0535
2018-11-13 2018-09-30 13F Palo Alto Networks COMMON 697435105 42,870 -2,475 -5.46 9,638 3.45 0.0604
2018-08-13 2018-06-30 13F PALO ALTO NETWORKS COMMON 697435105 45,345 -17,734 -28.11 9,317 -18.63 0.0632
2018-05-14 2018-03-31 13F PALO ALTO NETWORKS COMMON 697435105 63,079 -4,279 -6.35 11,450 17.28 0.0806
2018-02-09 2017-12-31 13F PALO ALTO NETWORKS COMMON 697435105 67,358 -84 -0.12 9,763 0.46 0.0692
2017-11-14 2017-09-30 13F PALO ALTO NETWORKS COMMON 697435105 67,442 -11,462 -14.53 9,718 -7.96 0.0733
2017-08-14 2017-06-30 13F PALO ALTO NETWORKS COMMON 697435105 78,904 -9,008 -10.25 10,558 6.58 0.0827
2017-06-19 2017-03-31 13F/A-1 PALO ALTO NETWORKS COMMON 697435105 87,912 -5,363 -5.75 9,906 -15.07 0.0801
2017-05-09 2017-03-31 13F PALO ALTO NETWORKS COMMON 697435105 87,912 9,906
2017-02-10 2016-12-31 13F PALO ALTO NETWORKS COMMON 697435105 93,275 18,165 24.18 11,664 -2.53 0.1013
2016-11-10 2016-09-30 13F PALO ALTO NETWORKS COMMON 697435105 75,110 -740 -0.98 11,967 28.28 0.1072
2016-08-11 2016-06-30 13F PALO ALTO NETWORKS COMMON 697435105 75,850 33,883 80.74 9,329 36.27 0.0856
2016-05-12 2016-03-31 13F PALO ALTO NETWORKS COMMON 697435105 41,967 6,091 16.98 6,846 8.34 0.0655
2016-02-11 2015-12-31 13F PALO ALTO NETWORKS COMMON 697435105 35,876 -7,850 -17.95 6,319 -15.98 0.0632
2015-11-12 2015-09-30 13F PALO ALTO NETWORKS COMMON 697435105 43,726 -7,588 -14.79 7,521 -16.11 0.0800
2015-08-14 2015-06-30 13F PALO ALTO NETWORKS COMMON 697435105 51,314 51,314 8,965 0.0882
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.