Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionNorges Bank
Latest Disclosed Ownership7,683,841 shares
Latest Disclosed Value $ 1,415,363,512
Norges Bank ownership in PANW / Palo Alto Networks, Inc.

On February 10, 2026 - Norges Bank filed a 13F-HR form disclosing ownership of 7,683,841 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $1,415,363,512 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 13, 2025 disclosing 0 shares of Palo Alto Networks, Inc..

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)
2026-02-10 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 7,683,841 7,683,841 1,415,364 0.1514
2025-11-13 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 0 -3,302,703 -100.00 0 -100.00
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 3,302,703 -1,294,174 -28.15 675,865 -13.84 0.0844
2026-05-11 2025-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,596,877 -738,008 -13.83 784,411 -19.19 0.1101
2025-02-12 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 5,334,885 3,621,282 211.33 970,736 65.74 0.1274
2025-11-12 2024-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,713,603 -968,709 -36.11 585,710 -35.59 0.0818
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 2,682,312 -2,053,808 -43.36 909,331 -32.43 0.1359
2025-05-14 2024-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,736,120 -564,410 -10.65 1,345,674 -13.91 0.2124
2024-02-09 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 5,300,530 565,807 11.95 1,563,020 40.81 0.2731
2024-11-13 2023-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,734,723 -185,556 -3.77 1,110,008 -11.71 0.2252
2024-08-14 2023-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,920,279 -463,699 -8.61 1,257,180 16.90 0.2481
2024-05-15 2023-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 5,383,978 31 0.00 1,075,396 43.14 0.2354
2023-02-14 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 5,383,947 426,057 8.59 751,276 -7.48 0.1811
2023-11-13 2022-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,957,890 3,533,101 247.97 812,053 15.39 0.2159
2023-08-14 2022-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,424,789 443,324 45.17 703,760 15.19 0.1819
2023-05-12 2022-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 981,465 43,266 4.61 610,972 16.97 0.1332
2022-03-09 2021-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 938,199 -16,583 -1.74 522,352 14.21 0.1074
2022-11-14 2021-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 954,782 30,340 3.28 457,341 33.33 0.1012
2022-08-15 2021-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 924,442 -39,293 -4.08 343,014 10.51 0.0744
2022-05-09 2021-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 963,735 -45,975 -4.55 310,380 -13.50 0.0711
2021-03-02 2020-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,009,710 -17,678 -1.72 358,841 42.71 0.0838
2021-11-12 2020-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,027,388 -8,114 -0.78 251,453 5.73 0.0668
2021-08-13 2020-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,035,502 31,039 3.09 237,824 44.41 0.0685
2021-05-07 2020-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,004,463 43,277 4.50 164,692 -25.91 0.0587
2020-03-03 2019-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 961,186 0 0.00 222,274 13.45 0.0620
2020-11-13 2019-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 961,186 2,743 0.29 195,919 0.32 0.0600
2020-08-13 2019-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 958,443 10,807 1.14 195,293 -15.15 0.0603
2020-05-11 2019-03-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 947,636 82,219 9.50 230,162 41.20 0.0744
2019-03-04 2018-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 865,417 17,687 2.09 163,001 -14.64 0.0606
2019-12-02 2018-09-30 13F/A-3 PALO ALTO NETWORKS COM 697435105 847,730 -14,646 -1.70 190,960 7.77 0.0620
2019-12-02 2018-09-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 847,730 -14,646 190,960 0.0620
2019-11-12 2018-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 847,730 -14,646 190,960 0.0620
2019-08-12 2018-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 862,376 25,188 3.01 177,192 16.60 0.0608
2019-05-15 2018-03-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 837,188 116,182 16.11 151,967 45.42 0.0550
2018-03-05 2017-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 721,006 48,586 7.23 104,503 7.85 0.0375
2018-11-13 2017-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 672,420 401,121 147.85 96,895 166.91 0.0368
2018-07-24 2017-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 271,299 -455,789 -62.69 36,303 -55.69 0.0144
2018-05-11 2017-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 727,088 190,940 35.61 81,928 22.20 0.0336
2017-03-02 2016-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 536,148 -23,462 -4.19 67,046 -21.27 0.0293
2017-11-13 2016-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 559,610 -34,855 -5.86 85,160 16.81 0.0402
2017-08-09 2016-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 594,465 100,332 20.30 72,906 -9.56 0.0346
2017-05-10 2016-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 494,133 200,917 68.52 80,613 56.08 0.0397
2016-04-18 2015-12-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 293,216 50,792 20.95 51,647 23.86 0.0257
2016-03-16 2015-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 293,216 0 51,647 0.0259
2016-11-14 2015-09-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 242,424 -5,960 -2.40 41,697 -3.91 0.0219
2016-08-12 2015-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 248,384 1,618 0.66 43,393 20.38 0.0217
2016-05-13 2015-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 246,766 -64,603 -20.75 36,048 -5.55 0.0177
2015-03-19 2014-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 311,369 -22,927 38,165 0.0195
2016-04-18 2014-12-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 311,369 -22,927 -6.86 38,165 16.37 0.0194
2015-11-12 2014-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 334,296 0 0.00 32,795 17.00 0.0178
2015-08-10 2014-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 334,296 309,173 1,230.64 28,030 1,526.81 0.0151
2015-05-12 2014-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 25,123 25,123 1,723 0.0010
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.