Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionNorthern Trust Corp
Latest Disclosed Ownership8,680,485 shares
Latest Disclosed Value $ 1,391,655,355
Northern Trust Corp reports 15.42% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 14, 2026 - Northern Trust Corp filed a 13F-HR form disclosing ownership of 8,680,485 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $1,391,655,355 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 7,521,047 shares of Palo Alto Networks, Inc.. This represents a change in shares of 15.42% 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)
2026-05-14 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 8,680,485 1,159,438 15.42 1,391,655 0.45 0.0377
2026-02-17 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 7,521,047 -7,201 -0.10 1,385,377 -9.62 0.1766
2025-11-14 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 7,528,248 36,511 0.49 1,532,902 -0.01 0.1961
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 7,491,737 -239,523 -3.10 1,533,109 16.21 0.2108
2025-05-13 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 7,731,260 -111,387 -1.42 1,319,262 -7.55 0.1959
2025-02-14 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 7,842,647 4,486,654 133.69 1,427,048 24.41 0.2021
2024-11-13 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 3,355,993 -78,481 -2.29 1,147,078 -1.48 0.1878
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 3,434,474 102,719 3.08 1,164,321 22.99 0.1962
2024-05-14 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 3,331,755 -73,486 -2.16 946,652 -5.72 0.1636
2024-02-13 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 3,405,241 -25,058 -0.73 1,004,137 24.86 0.1818
2023-11-13 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 3,430,299 86,995 2.60 804,199 -5.86 0.1558
2023-08-11 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 3,343,304 715,850 27.25 854,248 62.77 0.1642
2023-05-15 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 2,627,454 107,082 4.25 524,808 49.22 0.1040
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 2,520,372 18,826 0.75 351,693 -14.16 0.0738
2022-11-14 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 2,501,546 1,667,416 199.90 409,728 -0.55 0.0936
2022-08-12 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 834,130 -26,968 -3.13 412,009 -23.14 0.0882
2022-05-13 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 861,098 8,994 1.06 536,041 12.99 0.0943
2022-02-08 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 852,104 -18,237 -2.10 474,418 13.80 0.0777
2021-11-15 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 870,341 -344,403 -28.35 416,893 -7.51 0.0738
2021-08-13 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 1,214,744 270 0.02 450,732 15.24 0.0794
2021-05-12 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 1,214,474 18,646 1.56 391,133 -7.97 0.0727
2021-02-11 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 1,195,828 -7,845 -0.65 424,985 44.26 0.0828
2020-11-16 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 1,203,673 -18,255 -1.49 294,599 4.97 0.0646
2020-08-14 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 1,221,928 19,109 1.59 280,640 42.30 0.0665
2020-05-14 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 1,202,819 19,918 1.68 197,213 -27.90 0.0566
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 1,182,901 -11,639 -0.97 273,544 12.35 0.0612
2019-11-13 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 1,194,540 25,858 2.21 243,484 2.25 0.0583
2019-08-13 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 1,168,682 12,851 1.11 238,131 -15.17 0.0565
2019-05-13 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 1,155,831 20,433 1.80 280,728 31.27 0.0693
2019-02-12 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 1,135,398 38,069 3.47 213,853 -13.48 0.0600
2018-11-14 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 1,097,329 4,446 0.41 247,184 10.08 0.0605
2018-09-18 2018-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,092,883 3,313 0.30 224,555 13.54 0.0570
2018-08-14 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 1,098,892 9,322 225,789
2018-05-09 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 1,089,570 19,336 1.81 197,778 27.50 0.0515
2018-02-14 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 1,070,234 4,650 0.44 155,119 1.02 0.0393
2017-11-13 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 1,065,584 -76,949 -6.73 153,551 0.44 0.0400
2017-08-11 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 1,142,533 598,115 109.86 152,883 149.23 0.0428
2017-05-12 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 544,418 21,208 4.05 61,343 -6.24 0.0177
2017-02-13 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 523,210 -145,572 -21.77 65,428 -38.60 0.0201
2016-11-09 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 668,782 36,473 5.77 106,557 37.41 0.0332
2016-08-12 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 632,309 30,247 5.02 77,547 -22.59 0.0252
2016-08-19 2016-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 602,062 10,588 1.79 100,175 -3.85 0.0332
2016-05-13 2016-03-31 13F Palo Alto Networks COMM 697435105 602,057 98,220
2016-02-12 2015-12-31 13F Palo Alto Networks COMM 697435105 591,474 -40,700 -6.44 104,182 -4.19 0.0345
2015-11-12 2015-09-30 13F Palo Alto Networks COMM 697435105 632,174 632,174 0.00 108,734 0.0363
2015-08-13 2015-06-30 13F Palo Alto Networks COMM 697435105 0 -622,805 -100.00 0 -100.00
2015-05-14 2015-03-31 13F Palo Alto Networks COMM 697435105 622,805 50,837 8.89 90,979 29.77 0.0274
2015-02-12 2014-12-31 13F Palo Alto Networks COM 697435105 571,968 96,094 20.19 70,106 50.17 0.0212
2014-11-13 2014-09-30 13F Palo Alto Networks COMM 697435105 475,874 179,032 60.31 46,683 87.55 0.0147
2014-08-14 2014-06-30 13F PALO ALTO NETWORKS com 697435105 296,842 -188,811 -38.88 24,891 -25.29 0.0078
2014-05-14 2014-03-31 13F PALO ALTO NETWORKS COMM 697435105 485,653 188,991 63.71 33,315 95.41 0.0105
2014-02-21 2013-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 296,662 136,137 84.81 17,049 131.77 0.0055
2014-02-12 2013-12-31 13F PALO ALTO NETWORKS COM 697435105 296,662 17,049
2013-11-13 2013-09-30 13F PALO ALTO NETWORKS COM 697435105 160,525 73,525 84.51 7,356 100.55 0.0026
2013-08-09 2013-06-30 13F PALO ALTO NETWORKS COM 697435105 87,000 87,000 3,668 0.0013
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.