Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionLazard Asset Management Llc
Latest Disclosed Ownership2,073,481 shares
Latest Disclosed Value $ 332,420,531
Lazard Asset Management Llc reports 82.82% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 15, 2026 - Lazard Asset Management Llc filed a 13F-HR form disclosing ownership of 2,073,481 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $332,420,531 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 1,134,137 shares of Palo Alto Networks, Inc.. This represents a change in shares of 82.82% 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 2,073,481 939,344 82.82 332,421 59.12 0.5469
2026-02-17 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 1,134,137 421,943 59.25 208,908 44.06 0.3539
2025-11-14 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 712,194 240,851 51.10 145,017 150,958.33 0.1952
2025-08-14 2025-06-30 13F PALO ALTO NETWO Common Stock 697435105 471,343 119,558 33.99 96 60.00 0.1327
2025-05-15 2025-03-31 13F PALO ALTO NETWO Common Stock 697435105 351,785 287,423 446.57 60 445.45 0.0922
2025-02-14 2024-12-31 13F PALO ALTO NETWO Common Stock 697435105 64,362 44,313 221.02 12 83.33 0.0171
2024-11-14 2024-09-30 13F PALO ALTO NETWO Common Stock 697435105 20,049 -19,241 -48.97 7 -53.85 0.0092
2024-08-14 2024-06-30 13F PALO ALTO NETWO Common Stock 697435105 39,290 21,620 122.35 13 160.00 0.0167
2024-07-09 2024-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 17,670 -2,558 -12.65 5 0.00 0.0061
2024-05-14 2024-03-31 13F PALO ALTO NETWO Common Stock 697435105 17,670 -2,558 5 0.0061
2024-02-14 2023-12-31 13F PALO ALTO NETWO Common Stock 697435105 20,228 -70,723 -77.76 6 -76.19 0.0075
2023-11-14 2023-09-30 13F PALO ALTO NETWO Common Stock 697435105 90,951 -55,096 -37.72 21 -43.24 0.0290
2023-08-15 2023-06-30 13F PALO ALTO NETWO Common Stock 697435105 146,047 -178,964 -55.06 37 -42.19 0.0459
2023-05-15 2023-03-31 13F PALO ALTO NETWO Common Stock 697435105 325,011 144,939 80.49 65 -99.75 0.0851
2023-02-15 2022-12-31 13F PALO ALTO NETWO Common Stock 697435105 180,072 156,852 675.50 25,127 560.89 0.0346
2022-11-14 2022-09-30 13F PALO ALTO NETWO Common Stock 697435105 23,220 -268,105 -92.03 3,802 -97.36 0.0056
2022-08-09 2022-06-30 13F PALO ALTO NETWO Common Stock 697435105 291,325 -75,001 -20.47 143,896 -36.90 0.1946
2022-05-13 2022-03-31 13F PALO ALTO NETWO Common Stock 697435105 366,326 -38,774 -9.57 228,040 1.11 0.2642
2022-02-09 2021-12-31 13F PALO ALTO NETWO Common Stock 697435105 405,100 -2,248 -0.55 225,543 15.59 0.2400
2021-11-15 2021-09-30 13F PALO ALTO NETWO Common Stock 697435105 407,348 2,219 0.55 195,119 29.80 0.2202
2021-08-12 2021-06-30 13F PALO ALTO NETWO Common Stock 697435105 405,129 -111,270 -21.55 150,323 -9.61 0.1687
2021-05-14 2021-03-31 13F PALO ALTO NETWO Common Stock 697435105 516,399 -104,867 -16.88 166,311 -24.67 0.2014
2021-02-11 2020-12-31 13F PALO ALTO NETWO Common Stock 697435105 621,266 -19,829 -3.09 220,791 40.71 0.2790
2020-11-13 2020-09-30 13F PALO ALTO NETWO Common Stock 697435105 641,095 45,611 7.66 156,907 14.73 0.2206
2020-08-13 2020-06-30 13F PALO ALTO NETWO Common Stock 697435105 595,484 -115,347 -16.23 136,763 17.35 0.2102
2020-05-14 2020-03-31 13F PALO ALTO NETWO Common Stock 697435105 710,831 -412,263 -36.71 116,547 -55.12 0.2135
2020-02-13 2019-12-31 13F PALO ALTO NETWO Common Stock 697435105 1,123,094 475,337 73.38 259,714 96.71 0.3709
2019-11-14 2019-09-30 13F PALO ALTO NETWO Common Stock 697435105 647,757 -324,924 -33.40 132,031 -33.38 0.2170
2019-08-14 2019-06-30 13F PALO ALTO NETWO Common Stock 697435105 972,681 -6,643 -0.68 198,192 -16.68 0.3214
2019-08-28 2019-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 979,324 23,747 2.49 237,857 32.16 0.3891
2019-05-13 2019-03-31 13F PALO ALTO NETWO Common Stock 697435105 979,324 33,861 237,857
2019-08-28 2018-12-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 955,577 328,505 52.39 179,981 27.42 0.3313
2019-02-13 2018-12-31 13F PALO ALTO NETWO Common Stock 697435105 945,463 325,396 178,077
2019-08-30 2018-09-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 627,072 -90,404 -12.60 141,253 -4.18 0.2285
2018-11-13 2018-09-30 13F PALO ALTO NETWO Common Stock 697435105 620,067 -97,409 139,675
2019-08-30 2018-06-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 717,476 -16,265 -2.22 147,418 10.68 0.2561
2018-08-13 2018-06-30 13F PALO ALTO NETWO Common Stock 697435105 709,998 -23,743 145,882
2019-08-28 2018-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 733,741 -155,633 -17.50 133,187 3.32 0.2273
2018-05-14 2018-03-31 13F PALO ALTO NETWO Common Stock 697435105 732,873 -158,207 133,030
2019-08-28 2017-12-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 889,374 71,547 8.75 128,905 9.38 0.2206
2018-02-13 2017-12-31 13F PALO ALTO NETWO Common Stock 697435105 891,080 73,253 129,152
2019-08-19 2017-09-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 817,827 182,638 28.75 117,848 38.66 0.2132
2017-11-13 2017-09-30 13F PALO ALTO NETWO Common Stock 697435105 819,172 184,558 118,041
2019-08-19 2017-06-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 635,189 435,246 217.69 84,993 277.26 0.1598
2017-08-11 2017-06-30 13F PALO ALTO NETWO Common Stock 697435105 634,614 434,671 84,916
2019-08-13 2017-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 199,943 173,768 663.87 22,529 588.33 0.0425
2017-05-12 2017-03-31 13F PALO ALTO NETWO Common Stock 697435105 193,320 167,145 21,783
2019-07-30 2016-12-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 26,175 -16,200 -38.23 3,273 -51.52 0.0067
2017-02-13 2016-12-31 13F PALO ALTO NETWO Common Stock 697435105 26,175 -16,200 3,273
2019-08-07 2016-09-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 42,375 0 0.00 6,751 29.93 0.0134
2016-11-14 2016-09-30 13F PALO ALTO NETWO Common Stock 697435105 42,375 0 6,751
2019-07-29 2016-06-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 42,375 21,100 99.18 5,196 49.74 0.0110
2016-08-15 2016-06-30 13F PALO ALTO NETWO Common Stock 697435105 42,375 21,100 5,196
2019-07-25 2016-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 21,275 0 0.00 3,470 -7.39 0.0076
2016-05-12 2016-03-31 13F PALO ALTO NETWO Common Stock 697435105 21,275 0 3,470
2019-07-24 2015-12-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 21,275 -36,725 -63.32 3,747 -62.44 0.0086
2016-02-12 2015-12-31 13F PALO ALTO NETWO Common Stock 697435105 21,275 -36,725 3,747
2019-07-15 2015-09-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 58,000 -32,684 -36.04 9,976 -37.03 0.0239
2015-11-13 2015-09-30 13F PALO ALTO NETWO Common Stock 697435105 58,000 -32,684 9,976
2019-07-08 2015-06-30 13F/A-1 PALO ALTO NETWO Common Stock 697435105 90,684 1,600 1.80 15,842 21.74 0.0332
2015-08-13 2015-06-30 13F PALO ALTO NETWO Common Stock 697435105 90,684 1,600 15,842
2015-06-09 2015-03-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 89,084 3,301 3.85 13,013 23.77 0.0280
2015-05-15 2015-03-31 13F PALO ALTO NETWO Common Stock 697435105 89,084 13,013
2019-08-29 2014-12-31 13F/A-3 PALO ALTO NETWO Common Stock 697435105 85,783 51,520 150.37 10,514 212.82 0.0225
2015-05-20 2014-12-31 13F/A-1 PALO ALTO NETWO Common Stock 697435105 39,600 -46,183 4,853 0.0093
2015-06-09 2014-12-31 13F/A-2 PALO ALTO NETWO Common Stock 697435105 85,783 46,183 10,514 0.0240
2015-02-12 2014-12-31 13F PALO ALTO NETWO Common Stock 697435105 73,863 9,053
2014-11-07 2014-09-30 13F PALO ALTO NETWO Common Stock 697435105 34,263 0 0.00 3,361 17.03 0.0072
2014-08-12 2014-06-30 13F PALO ALTO NETWO Common Stock 697435105 34,263 0 0.00 2,872 22.21 0.0060
2014-05-12 2014-03-31 13F PALO ALTO NETWO Common Stock 697435105 34,263 34,263 2,350 0.0052
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.