Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionPrimecap Management Co/ca/
Latest Disclosed Ownership1,034,166 shares
Latest Disclosed Value $ 165,797,493
Primecap Management Co/ca/ reports 6.75% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 11, 2026 - Primecap Management Co/ca/ filed a 13F-HR form disclosing ownership of 1,034,166 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $165,797,493 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 11, 2026 disclosing 968,780 shares of Palo Alto Networks, Inc.. This represents a change in shares of 6.75% 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)
2026-05-11 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 1,034,166 65,386 6.75 165,797 -7.09 0.1305
2026-02-11 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 968,780 -3,470 -0.36 178,449 -9.86 0.1351
2025-11-12 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 972,250 -33,590 -3.34 197,970 -3.82 0.1516
2025-08-11 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 1,005,840 17,280 1.75 205,835 22.02 0.1631
2025-05-09 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 988,560 -12,080 -1.21 168,688 -7.35 0.1395
2025-02-10 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 1,000,640 488,250 95.29 182,076 3.96 0.1410
2024-11-08 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 512,390 -3,710 -0.72 175,135 0.10 0.1288
2024-08-09 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 516,100 5,450 1.07 174,963 20.59 0.1267
2024-05-14 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 510,650 2,685 0.53 145,091 -3.14 0.1082
2024-02-09 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 507,965 -2,575 -0.50 149,789 25.15 0.1186
2023-11-13 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 510,540 -2,562 -0.50 119,691 -8.70 0.1010
2023-08-11 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 513,102 -7,240 -1.39 131,103 26.14 0.1095
2023-05-15 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 520,342 -5,615 -1.07 103,933 41.61 0.0906
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 525,957 -13,505 -2.50 73,392 -16.94 0.0672
2022-11-14 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 539,462 358,353 197.87 88,358 -1.23 0.0855
2022-08-11 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 181,109 -7,220 -3.83 89,457 -23.70 0.0800
2022-05-11 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 188,329 -7,325 -3.74 117,237 7.62 0.0884
2022-02-11 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 195,654 -2,790 -1.41 108,932 14.60 0.0754
2021-11-12 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 198,444 -35 -0.02 95,055 29.07 0.0671
2021-08-10 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 198,479 -860 -0.43 73,646 14.72 0.0495
2021-05-14 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 199,339 670 0.34 64,199 -9.07 0.0448
2021-02-08 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 198,669 -70,875 -26.29 70,605 7.02 0.0525
2020-11-13 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 269,544 -320 -0.12 65,971 6.44 0.0544
2020-08-13 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 269,864 -1,855 -0.68 61,980 39.12 0.0532
2020-05-14 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 271,719 1,759 0.65 44,551 -28.64 0.0437
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 269,960 14,800 5.80 62,428 20.03 0.0453
2019-11-13 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 255,160 49,610 24.14 52,009 24.18 0.0416
2019-08-14 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 205,550 77,650 60.71 41,883 34.83 0.0310
2019-05-14 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 127,900 127,900 31,064 0.0229
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.