Circle Wealth Management, LLC reports 24.31% increase in ownership of PANW / Palo Alto Networks, Inc.

Palo Alto Networks, Inc.

CH ˙ SWX ˙ US6974351057

Security	CH:PANW / Palo Alto Networks, Inc.
Institution	Circle Wealth Management, LLC
Latest Disclosed Ownership	13,928 shares
Latest Disclosed Value	$ 2,232,937

On May 12, 2026 - Circle Wealth Management, LLC filed a 13F-HR form disclosing ownership of 13,928 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $2,232,937 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 11,204 shares of Palo Alto Networks, Inc.. This represents a change in shares of 24.31% 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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-12	2026-03-31	13F	PALO ALTO NETWORKS	COM	697435105	13,928	2,724	24.31	2,233	8.19	0.0315
2026-02-12	2025-12-31	13F	PALO ALTO NETWORKS	COM	697435105	11,204	75	0.67	2,064	-8.96	0.0318
2025-11-14	2025-09-30	13F	PALO ALTO NETWORKS	COM	697435105	11,129	0	0.00	2,266	-0.48	0.0441
2025-08-14	2025-06-30	13F	PALO ALTO NETWORKS	COM	697435105	11,129	-74	-0.66	2,277	19.15	0.0493
2025-05-14	2025-03-31	13F	PALO ALTO NETWORKS	COM	697435105	11,203	85	0.76	1,912	-5.54	0.0439
2025-02-14	2024-12-31	13F	PALO ALTO NETWORKS	COM	697435105	11,118	5,490	97.55	2,023	5.20	0.0428
2024-11-14	2024-09-30	13F	PALO ALTO NETWORKS	COM	697435105	5,628	2,186	63.51	1,924	64.92	0.0425
2024-08-13	2024-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,442	793	29.94	1,167	55.05	0.0269
2024-05-14	2024-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,649	-9	-0.34	753	-3.96	0.0187
2024-02-15	2023-12-31	13F	PALO ALTO NETWORKS	COM	697435105	2,658	-487	-15.48	784	6.24	0.0199
2023-11-15	2023-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,145	640	25.55	737	15.16	0.0184
2023-08-11	2023-06-30	13F	PALO ALTO NETWORKS	COM	697435105	2,505	44	1.79	640	30.35	0.0847
2023-05-09	2023-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,461	0	0.00	492	43.15	0.0711
2023-02-13	2022-12-31	13F	PALO ALTO NETWORKS	COM	697435105	2,461	28	1.15	343	-14.04	0.0530
2022-11-14	2022-09-30	13F	PALO ALTO NETWORKS	COM	697435105	2,433	1,630	202.99	399	0.50	0.0658
2022-08-12	2022-06-30	13F	PALO ALTO NETWORKS	COM	697435105	803	8	1.01	397	-19.80	0.0631
2022-05-16	2022-03-31	13F	PALO ALTO NETWORKS	COM	697435105	795	0	0.00	495	11.74	0.0650
2022-02-14	2021-12-31	13F	PALO ALTO NETWORKS	COM	697435105	795	795		443		0.0578
2021-05-17	2021-03-31	13F	PALO ALTO NETWORKS	COM	697435105	0	-5,795	-100.00	0	-100.00
2021-02-18	2020-12-31	13F	PALO ALTO NETWORKS	COM	697435105	5,795	0	0.00	2,059	45.20	0.2949
2020-11-16	2020-09-30	13F	PALO ALTO NETWORKS	COM	697435105	5,795	45	0.78	1,418	7.34	0.2342
2020-08-14	2020-06-30	13F	PALO ALTO NETWORKS	COM	697435105	5,750	-1,000	-14.81	1,321	19.33	0.2313
2020-05-15	2020-03-31	13F	PALO ALTO NETWORKS	COM	697435105	6,750	-850	-11.18	1,107	-37.03	0.2159
2020-02-24	2019-12-31	13F	PALO ALTO NETWORKS	COM	697435105	7,600	0	0.00	1,758	13.49	0.3044
2019-11-15	2019-09-30	13F	PALO ALTO NETWORKS	COM	697435105	7,600	-450	-5.59	1,549	-5.55	0.3297
2019-08-14	2019-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,050	-2,100	-20.69	1,640	-33.47	0.3554
2019-05-15	2019-03-31	13F	PALO ALTO NETWORKS	COM	697435105	10,150	10,150		2,465		0.5526

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.