Comerica Bank reports 5.83% decrease in ownership of PANW / Palo Alto Networks, Inc.

Palo Alto Networks, Inc.

CH ˙ SWX ˙ US6974351057

Security	CH:PANW / Palo Alto Networks, Inc.
Institution	Comerica Bank
Latest Disclosed Ownership	198,502 shares
Latest Disclosed Value	$ 36,564,129

On January 29, 2026 - Comerica Bank filed a 13F-HR form disclosing ownership of 198,502 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $36,564,129 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 210,797 shares of Palo Alto Networks, Inc.. This represents a change in shares of -5.83% 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 (%)
2026-01-29	2025-12-31	13F	PALO ALTO NETWORKS	COM	697435105	198,502	-12,295	-5.83	36,564	-14.81	0.1459
2025-11-14	2025-09-30	13F	PALO ALTO NETWORKS	COM	697435105	210,797	-30,858	-12.77	42,922	-13.20	0.1615
2025-08-14	2025-06-30	13F	PALO ALTO NETWORKS	COM	697435105	241,655	15,856	7.02	49,452	28.35	0.1919
2025-05-14	2025-03-31	13F	PALO ALTO NETWORKS	COM	697435105	225,799	12,939	6.08	38,530	-0.52	0.1618
2025-02-14	2024-12-31	13F/A-1	PALO ALTO NETWORKS	COM	697435105	212,860	106,104	99.39	38,732	6.14	0.1562
2025-02-14	2024-12-31	13F	PALO ALTO NETWORKS	COM	697435105	212,860	106,104		38,732		0.1297
2024-11-14	2024-09-30	13F	PALO ALTO NETWORKS	COM	697435105	106,756	-512	-0.48	36,489	0.34	0.1443
2024-08-15	2024-06-30	13F	PALO ALTO NETWORKS	COMMON	697435105	107,268	-9,132	-7.85	36,365	9.96	0.1513
2024-05-16	2024-03-31	13F	PALO ALTO NETWORKS	COMMON	697435105	116,400	-6,698	-5.44	33,073	-8.89	0.1425
2024-02-14	2023-12-31	13F	PALO ALTO NETWORKS	COMMON	697435105	123,098	-456	-0.37	36,299	25.32	0.1672
2023-11-21	2023-09-30	13F	PALO ALTO NETWORKS	COMMON	697435105	123,554	123,554		28,966		0.1509
2023-08-22	2023-06-30	13F	PALO ALTO NETWORKS	COM	697435105	0	-42,032	-100.00	0	-100.00
2023-01-26	2022-12-31	13F	PALO ALTO NETWORKS	COM	697435105	42,032	16,784	66.48	6	-99.88	0.0464
2022-10-28	2022-09-30	13F	PALO ALTO NETWORKS	COM	697435105	25,248	16,830	199.93	4,074	-5.76	0.0343
2022-08-02	2022-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,418	-717	-7.85	4,323	-24.44	0.0355
2022-04-27	2022-03-31	13F	PALO ALTO NETWORKS	COM	697435105	9,135	75	0.83	5,721	32.80	0.0415
2022-02-18	2021-12-31	13F	PALO ALTO NETWORKS	COM	697435105	9,060	-324	-3.45	4,308	-8.92	0.0317
2021-11-22	2021-09-30	13F	PALO ALTO NETWORKS	COM	697435105	9,384	-2,837	-23.21	4,730	6.65	0.0285
2021-08-26	2021-06-30	13F	PALO ALTO NETWORKS	COM	697435105	12,221	635	5.48	4,435	6.79	0.0265
2021-04-28	2021-03-31	13F	PALO ALTO NETWORKS	COM	697435105	11,586	613	5.59	4,153	3.83	0.0248
2021-01-28	2020-12-31	13F	PALO ALTO NETWORKS	COM	697435105	10,973	1,866	20.49	4,000	85.61	0.0254
2020-10-30	2020-09-30	13F	PALO ALTO NETWORKS	COM	697435105	9,107	-39	-0.43	2,155	-5.90	0.0156
2020-07-31	2020-06-30	13F	PALO ALTO NETWORKS	COM	697435105	9,146	734	8.73	2,290	40.66	0.0176
2020-05-01	2020-03-31	13F	PALO ALTO NETWORKS	COM	697435105	8,412	-1,013	-10.75	1,628	-27.42	0.0149
2020-02-07	2019-12-31	13F	PALO ALTO NETWORKS	COM	697435105	9,425	636	7.24	2,243	15.20	0.0170
2019-10-31	2019-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,789	322	3.80	1,947	2.80	0.0154
2019-08-02	2019-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,467	-115	-1.34	1,894	-9.03	0.0152
2019-05-02	2019-03-31	13F	PALO ALTO NETWORKS	COM	697435105	8,582	1,003	13.23	2,082	32.87	0.0169
2019-02-06	2018-12-31	13F	PALO ALTO NETWORKS	COM	697435105	7,579	-788	-9.42	1,567	-4.97	0.0133
2018-11-01	2018-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,367	73	0.88	1,649	-8.18	0.0133
2018-08-01	2018-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,294	-680	-7.58	1,796	4.24	0.0126
2018-05-01	2018-03-31	13F	PALO ALTO NETWORKS	COM	697435105	8,974	-1,073	-10.68	1,723	8.30	0.0123
2018-02-02	2017-12-31	13F	PALO ALTO NETWORKS	COM	697435105	10,047	-3,672	-26.77	1,591	-21.43	0.0106
2017-11-06	2017-09-30	13F	PALO ALTO NETWORKS	COM	697435105	13,719	-604	-4.22	2,025	1.40	0.0147
2017-08-03	2017-06-30	13F	PALO ALTO NETWORKS	COM	697435105	14,323	-399	-2.71	1,997	23.35	0.0149
2017-05-03	2017-03-31	13F	PALO ALTO NETWORKS	COM	697435105	14,722	-2,177	-12.88	1,619	-30.84	0.0123
2017-02-08	2016-12-31	13F	PALO ALTO NETWORKS	COM	697435105	16,899	3,627	27.33	2,341	34.85	0.0185
2016-08-11	2016-06-30	13F	PALO ALTO NETWORKS	COM	697435105	13,272	-611	-4.40	1,736	-11.11	0.0150
2016-05-11	2016-03-31	13F	PALO ALTO NETWORKS	COM	697435105	13,883	1,948	16.32	1,953	0.57	0.0174
2016-02-05	2015-12-31	13F	PALO ALTO NETWORKS	COM	697435105	11,935	1,201	11.19	1,942	5.20	0.0191
2015-11-12	2015-09-30	13F	PALO ALTO NETWORKS	COM	697435105	10,734	3,524	48.88	1,846	46.51	0.0175
2015-08-13	2015-06-30	13F	PALO ALTO NETWORKS	COM	697435105	7,210	3,676	104.02	1,260	144.19	0.0054
2015-05-15	2015-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,534	-136	-3.71	516	14.67	0.0044
2015-02-13	2014-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,670	3,670	3.85	450	-12.79	0.0019
2014-08-12	2014-06-30	13F	PALO ALTO NETWORKS	COM	697435105	0	-3,482	-100.00	0	-100.00
2014-05-15	2014-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,482	3,482		239		0.0018

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.