Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership32,318,958 shares
Latest Disclosed Value $ 5,181,375,783
Morgan Stanley reports 6.09% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 32,318,958 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $5,181,375,783 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 30,462,984 shares of Palo Alto Networks, Inc.. This represents a change in shares of 6.09% 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 32,318,958 1,855,974 6.09 5,181,376 -7.66 0.3122
2026-05-27 2025-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 30,462,984 -296,391 -0.96 5,611,282 -10.41 0.3350
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 30,462,984 -296,391 5,611,282 0.3350
2026-05-27 2025-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 30,759,375 180,307 0.59 6,263,225 0.09 0.3792
2025-11-14 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 30,759,375 180,307 6,263,225 0.3792
2025-08-15 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 30,579,068 1,875,083 6.53 6,257,701 27.76 0.4076
2025-05-15 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 28,703,985 -1,674,866 -5.51 4,898,049 -11.39 0.3502
2025-05-15 2024-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 30,378,851 15,383,991 102.60 5,527,737 7.85 0.3873
2025-02-14 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 30,378,851 15,383,991 5,527,737 0.3872
2025-05-14 2024-09-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 14,994,860 975,381 6.96 5,125,244 7.84 0.3716
2025-02-14 2024-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 14,994,860 975,381 5,125,244 0.3716
2024-11-14 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 14,994,860 975,381 5,125,244 0.3716
2025-05-14 2024-06-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 14,019,479 157,716 1.14 4,752,745 20.67 0.3678
2024-10-17 2024-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 14,019,479 157,716 4,752,745 0.3677
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 14,019,479 157,716 4,752,745 0.3678
2024-10-17 2024-03-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 13,861,763 1,392,629 11.17 3,938,543 7.12 0.3160
2024-08-16 2024-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 13,861,763 1,392,629 3,938,543 0.0370
2024-05-15 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 13,861,763 1,392,629 3,938,543 0.3160
2024-08-16 2023-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 12,469,134 1,654,556 15.30 3,676,899 45.02 0.3240
2024-02-13 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 12,469,134 1,654,556 3,676,899 0.3240
2023-11-15 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 10,814,578 252,659 2.39 2,535,370 -6.05 0.2578
2023-08-14 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 10,561,919 380,164 3.73 2,698,676 32.70 0.2660
2023-05-15 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 10,181,755 260,561 2.63 2,033,704 46.90 0.2181
2023-02-14 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 9,921,194 547,764 5.84 1,384,404 -9.83 0.1572
2022-11-14 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 9,373,430 6,479,902 223.94 1,535,275 7.42 0.2092
2022-10-27 2022-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 2,893,528 -175,007 -5.70 1,429,229 -25.18 0.1855
2022-08-15 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 2,893,528 -175,007 1,429,229 0.1855
2022-10-27 2022-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 3,068,535 150,540 5.16 1,910,194 17.58 0.2576
2022-05-13 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 3,068,535 150,540 1,910,194 0.2576
2022-02-14 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 2,917,995 -110,753 -3.66 1,624,623 11.98 0.2006
2021-11-15 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 3,028,748 42,394 1.42 1,450,770 30.93 0.1954
2021-08-23 2021-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 2,986,354 141,273 4.97 1,108,085 20.93 0.1462
2021-08-16 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 2,986,354 141,273 1,108,085 0.0304
2021-05-17 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 2,845,081 56,556 2.03 916,288 -7.54 0.1346
2021-02-16 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 2,788,525 -122,653 -4.21 991,013 39.09 0.1531
2020-11-13 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 2,911,178 979,144 50.68 712,510 60.57 0.1378
2020-08-14 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 1,932,034 54,543 2.91 443,729 44.15 0.0982
2020-05-26 2020-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,877,491 172,712 10.13 307,834 -21.92 0.0837
2020-05-15 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 1,877,491 172,712 307,834 23,648.0684
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 1,704,779 60,569 3.68 394,230 17.63 0.0917
2019-11-14 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 1,644,210 75,571 4.82 335,141 4.85 0.0887
2019-08-14 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 1,568,639 184,406 13.32 319,627 -4.93 0.0851
2019-05-15 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 1,384,233 83,422 6.41 336,202 37.22 0.0952
2019-02-14 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 1,300,811 -132,320 -9.23 245,009 -24.11 0.0733
2019-04-23 2018-09-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 1,433,131 73,391 5.40 322,827 15.55 0.0808
2018-11-20 2018-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,433,131 0 322,827 0.0808
2018-11-14 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 1,433,131 73,391 322,827
2019-04-23 2018-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,359,740 192,284 16.47 279,387 31.84 0.0755
2018-08-14 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 1,359,740 192,284 279,387
2019-04-23 2018-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,167,456 60,953 5.51 211,916 32.14 0.0588
2018-05-14 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 1,167,456 60,953 211,916
2019-04-23 2017-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,106,503 59,585 5.69 160,376 6.31 0.0439
2018-02-14 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 1,106,503 59,585 160,376
2017-11-14 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 1,046,918 -172,564 -14.15 150,862 -7.55 0.0452
2017-08-11 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 1,219,482 -311,339 -20.34 163,178 -5.40 0.0493
2017-05-22 2017-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,530,821 -206,696 -11.90 172,493 -20.61 0.0530
2017-05-12 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 1,530,821 172,493
2017-02-22 2016-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,737,517 -87,935 -4.82 217,277 -25.30 0.0711
2017-02-13 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 1,737,517 217,277
2016-11-10 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 1,825,452 67,884 3.86 290,849 34.93 0.0993
2016-08-12 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 1,757,568 -27,881 -1.56 215,548 -26.00 0.0779
2016-05-12 2016-03-31 13F PALO ALTO NETWORKS COM 697435105 1,785,449 -559,087 -23.85 291,278 -29.47 0.1121
2016-02-09 2015-12-31 13F PALO ALTO NETWORKS COM 697435105 2,344,536 105,082 4.69 412,966 7.21 0.1495
2016-02-08 2015-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 2,239,454 -77,742 -3.36 385,186 -4.85 0.1423
2015-11-09 2015-09-30 13F PALO ALTO NETWORKS COM 697435105 2,239,454 385,186
2015-08-12 2015-06-30 13F PALO ALTO NETWORKS COM 697435105 2,317,196 -99,291 -4.11 404,814 14.68 0.1403
2015-05-14 2015-03-31 13F PALO ALTO NETWORKS COM 697435105 2,416,487 178,980 8.00 353,000 28.71 0.1300
2015-02-13 2014-12-31 13F PALO ALTO NETWORKS COM 697435105 2,237,507 74,615 3.45 274,250 29.25 0.1003
2014-12-16 2014-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 2,162,892 200,329 10.21 212,179 57.60 0.0816
2014-11-14 2014-09-30 13F PALO ALTO NETWORKS COM 697435105 2,162,892 212,179
2014-05-13 2014-03-31 13F PALO ALTO NETWORKS COM 697435105 1,962,563 1,683,909 604.30 134,630 740.70 0.0564
2014-02-13 2013-12-31 13F PALO ALTO NETWORKS COM 697435105 278,654 -199,873 -41.77 16,014 -26.97 0.0068
2013-11-13 2013-09-30 13F PALO ALTO NETWORK COM 697435105 478,527 302,574 171.96 21,927 195.59 0.0104
2013-08-08 2013-06-30 13F PALO ALTO NETWORK COM 697435105 175,953 175,953 7,418 0.0037
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.