Hilltop Holdings Inc. reports 54.12% decrease in ownership of PANW / Palo Alto Networks, Inc.

Palo Alto Networks, Inc.

CH ˙ SWX ˙ US6974351057

Security	CH:PANW / Palo Alto Networks, Inc.
Institution	Hilltop Holdings Inc.
Latest Disclosed Ownership	4,794 shares
Latest Disclosed Value	$ 768,574

On May 14, 2026 - Hilltop Holdings Inc. filed a 13F-HR form disclosing ownership of 4,794 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $768,574 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 10,449 shares of Palo Alto Networks, Inc.. This represents a change in shares of -54.12% 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 (%)
2026-05-14	2026-03-31	13F	Palo Alto Networks	COM	697435105	4,794	-5,655	-54.12	769	-60.08	0.0509
2026-02-17	2025-12-31	13F	Palo Alto Networks	COM	697435105	10,449	296	2.92	1,925	-6.92	0.1139
2025-11-14	2025-09-30	13F	Palo Alto Networks	COM	697435105	10,153	-748	-6.86	2,067	-7.31	0.1094
2025-08-14	2025-06-30	13F	PALO ALTO NETWORKS	COM	697435105	10,901	-1,624	-12.97	2,231	4.35	0.1429
2025-05-15	2025-03-31	13F	PALO ALTO NETWORKS	COM	697435105	12,525	192	1.56	2,137	-4.77	0.1342
2025-02-14	2024-12-31	13F	PALO ALTO NETWORKS	COM	697435105	12,333	6,332	105.52	2,244	9.41	0.1417
2024-11-14	2024-09-30	13F	PALO ALTO NETWORKS	COM	697435105	6,001	3,592	149.11	2,051	151.35	0.1310
2024-08-14	2024-06-30	13F	PALO ALTO NETWORKS	COM	697435105	2,409	-1,171	-32.71	817	-19.76	0.0944
2024-05-15	2024-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,580	-262	-6.82	1,017	-10.16	0.1050
2024-02-12	2023-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,842	124	3.34	1,133	29.97	0.1284
2023-11-14	2023-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,718	199	5.66	872	-3.11	0.1017
2023-08-14	2023-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,519	767	27.87	899	63.75	0.1094
2023-05-15	2023-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,752	619	29.02	550	84.85	0.0722
2023-02-14	2022-12-31	13F	PALO ALTO NETWORKS	COM	697435105	2,133	-10,243	-82.77	298	-85.35	0.0381
2022-11-14	2022-09-30	13F	PALO ALTO NETWORKS	COM	697435105	12,376	11,237	986.57	2,027	260.04	0.2743
2022-08-15	2022-06-30	13F	PALO ALTO NETWORKS	COM	697435105	1,139	605	113.30	563	69.58	0.0745
2022-05-16	2022-03-31	13F	PALO ALTO NETWORKS	COM	697435105	534	-7	-1.29	332	9.93	0.0374
2022-02-14	2021-12-31	13F	PALO ALTO NETWORKS	COM	697435105	541	74	15.85	302	34.82	0.0314
2021-11-15	2021-09-30	13F	PALO ALTO NETWORKS	COM	697435105	467	467		224		0.0245
2018-11-14	2018-09-30	13F	PALO ALTO NETWORKS	COM	697435105	0	-1,519	-100.00	0	-100.00
2018-08-14	2018-06-30	13F	PALO ALTO NETWORKS	COM	697435105	1,519	1,519		312		0.0661
2018-05-15	2018-03-31	13F	PALO ALTO NETWORKS	COM	697435105	0	-3,941	-100.00	0	-100.00
2018-02-14	2017-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	838	27.01	571	27.74	0.1287
2017-11-14	2017-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,103	-838	-21.26	447	-15.18	0.1354
2017-08-14	2017-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	527	18.69	0.1547
2017-05-15	2017-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	444	-9.94	0.1336
2017-02-14	2016-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	493	-21.50	0.1545
2016-11-14	2016-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	628	30.02	0.1977
2016-08-15	2016-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	483	-24.88	0.1535
2016-05-16	2016-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	0	0.00	643	-7.35	0.2012
2016-02-16	2015-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	-244	-5.83	694	-3.61	0.2017
2015-11-16	2015-09-30	13F	PALO ALTO NETWORKS	COM	697435105	4,185	182	4.55	720	3.00	0.2105
2015-08-14	2015-06-30	13F	PALO ALTO NETWORKS	COM	697435105	4,003	62	1.57	699	21.35	0.1902
2015-05-15	2015-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,941	3,941		576		0.1472

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.