Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionGeode Capital Management, Llc
Latest Disclosed Ownership19,323,515 shares
Latest Disclosed Value $ 3,087,724,319
Geode Capital Management, Llc reports 20.85% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 15, 2026 - Geode Capital Management, Llc filed a 13F-HR form disclosing ownership of 19,323,515 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $3,087,724,319 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 9, 2026 disclosing 15,989,257 shares of Palo Alto Networks, Inc.. This represents a change in shares of 20.85% 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)
2026-05-15 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 19,323,515 3,334,258 20.85 3,087,724 5.21 0.1026
2026-02-09 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 15,989,257 540,756 3.50 2,934,935 -6.37 0.1811
2025-11-12 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 15,448,501 274,472 1.81 3,134,671 1.34 0.2000
2025-08-08 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 15,174,029 169,055 1.13 3,093,262 21.16 0.2168
2025-05-13 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 15,004,974 622,858 4.33 2,553,079 -2.22 0.2007
2025-02-12 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 14,382,116 6,725,148 87.83 2,611,013 0.06 0.2023
2024-11-12 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 7,656,968 220,900 2.97 2,609,486 3.75 0.2113
2024-08-09 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 7,436,068 422,243 6.02 2,515,062 26.50 0.2207
2024-05-13 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 7,013,825 263,373 3.90 1,988,236 0.12 0.1839
2024-02-13 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 6,750,452 864,144 14.68 1,985,918 44.20 0.2078
2023-11-13 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 5,886,308 176,880 3.10 1,377,207 -5.36 0.1640
2023-08-11 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 5,709,428 2,332,827 69.09 1,455,174 115.99 0.1710
2023-05-15 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 3,376,601 92,760 2.82 673,731 147,324.73 0.0875
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 3,283,841 38,215 1.18 458 -99.91 0.0642
2022-11-14 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 3,245,626 2,167,968 201.17 531,112 -0.08 0.0806
2022-08-12 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 1,077,658 -250,262 -18.85 531,553 -35.60 0.0779
2022-05-13 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 1,327,920 72,494 5.77 825,433 18.27 0.1030
2022-02-11 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 1,255,426 137,962 12.35 697,942 30.61 0.0841
2021-11-12 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 1,117,464 -15,151 -1.34 534,389 27.36 0.0719
2021-08-13 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 1,132,615 51,760 4.79 419,581 20.71 0.0578
2021-05-12 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 1,080,855 105,956 10.87 347,587 0.47 0.0532
2021-02-12 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 974,899 37,527 4.00 345,957 50.96 0.0581
2020-11-13 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 937,372 -50,805 -5.14 229,169 1.07 0.0449
2020-08-13 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 988,177 3,633 0.37 226,739 40.59 0.0485
2020-05-14 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 984,544 32,864 3.45 161,273 -26.64 0.0420
2020-02-20 2019-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 951,680 52,752 5.87 219,852 20.08 0.0459
2020-02-13 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 951,680 52,752 219,852 28,018.2097
2019-11-12 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 898,928 10,260 1.15 183,083 1.19 0.0427
2019-08-14 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 888,668 31,062 3.62 180,935 -13.06 0.0438
2019-05-14 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 857,606 46,622 5.75 208,119 36.35 0.0539
2019-03-06 2018-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 810,984 32,284 4.15 152,637 -12.91 0.0472
2019-02-13 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 810,984 32,284 152,637
2018-11-13 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 778,700 47,131 6.44 175,272 16.70 0.0494
2018-08-14 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 731,569 52,517 7.73 150,190 21.98 0.0462
2018-05-15 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 679,052 9,119 1.36 123,123 26.89 0.0401
2018-02-13 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 669,933 11,886 1.81 97,035 2.39 0.0330
2017-11-14 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 658,047 14,019 2.18 94,773 10.03 0.0350
2017-08-14 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 644,028 21,458 3.45 86,134 22.83 0.0339
2017-06-21 2017-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 622,570 30,136 5.09 70,123 -5.31 0.0288
2017-05-12 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 622,570 70,123
2017-02-14 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 592,434 43,428 7.91 74,058 -15.30 0.0344
2016-11-10 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 549,006 83,330 17.89 87,434 53.18 0.0440
2016-08-12 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 465,676 37,845 8.85 57,079 -18.17 0.0310
2016-05-13 2016-03-31 13F PALO ALTO NETWORKS COM 697435105 427,831 16,438 4.00 69,751 -3.68 0.0370
2016-02-12 2015-12-31 13F PALO ALTO NETWORKS COM 697435105 411,393 23,354 6.02 72,413 8.57 0.0413
2015-11-13 2015-09-30 13F PALO ALTO NETWORKS COM 697435105 388,039 8,653 2.28 66,694 0.69 0.0404
2015-08-14 2015-06-30 13F PALO ALTO NETWORKS COM 697435105 379,386 32,298 9.31 66,236 30.72 0.0378
2015-05-14 2015-03-31 13F PALO ALTO NETWORKS COM 697435105 347,088 16,964 5.14 50,672 25.31 0.0290
2015-02-12 2014-12-31 13F PALO ALTO NETWORKS COM 697435105 330,124 17,274 5.52 40,438 31.76 0.0241
2014-11-14 2014-09-30 13F PALO ALTO NETWORKS COM 697435105 312,850 83,599 36.47 30,690 59.66 0.0199
2014-08-13 2014-06-30 13F PALO ALTO NETWORKS COM 697435105 229,251 8,549 3.87 19,222 26.96 0.0124
2014-05-14 2014-03-31 13F PALO ALTO NETWORKS COM 697435105 220,702 7,870 3.70 15,140 23.78 0.0102
2014-02-14 2013-12-31 13F PALO ALTO NETWORKS COM 697435105 212,832 26,952 14.50 12,231 43.61 0.0085
2013-11-14 2013-09-30 13F PALO ALTO NETWORKS COM 697435105 185,880 56,397 43.56 8,517 56.02 0.0068
2013-08-14 2013-06-30 13F PALO ALTO NETWORKS COM 697435105 129,483 129,483 5,459 0.0048
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.