Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionNicolet Advisory Services, Llc
Latest Disclosed Ownership7,511 shares
Latest Disclosed Value $ 1,418,678
Nicolet Advisory Services, Llc reports 58.16% increase in ownership of PANW / Palo Alto Networks, Inc.

On February 13, 2026 - Nicolet Advisory Services, Llc filed a 13F-HR form disclosing ownership of 7,511 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $1,418,678 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 4,749 shares of Palo Alto Networks, Inc.. This represents a change in shares of 58.16% 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.

Upgrade to unlock premium data and export to Excel .

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)
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 7,511 2,762 58.16 1,419 41.52 0.0956
2025-11-13 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 4,749 121 2.61 1,002 25.25 0.0780
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 4,628 219 4.97 800 7.96 0.0681
2025-05-08 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 4,409 -384 -8.01 742 -10.83 0.0736
2025-02-12 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 4,793 2,733 132.67 831 20.09 0.0764
2024-11-12 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 2,060 -38 -1.81 692 -2.12 0.0653
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 2,098 515 32.53 707 60.32 0.0678
2024-05-10 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 1,583 -143 -8.29 442 -9.63 0.0449
2024-02-13 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 1,726 -228 -11.67 488 5.63 0.0525
2023-11-07 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 1,954 582 42.42 462 33.14 0.0512
2023-08-09 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 1,372 89 6.94 348 41.06 0.0381
2023-05-09 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 1,283 1,283 246 0.0284
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.