Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionTocqueville Asset Management L.p.
Latest Disclosed Ownership234,994 shares
Latest Disclosed Value $ 37,674,238
Tocqueville Asset Management L.p. reports 23.40% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 12, 2026 - Tocqueville Asset Management L.p. filed a 13F-HR form disclosing ownership of 234,994 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $37,674,238 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 190,440 shares of Palo Alto Networks, Inc.. This represents a change in shares of 23.40% 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)
2026-05-12 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 234,994 44,554 23.40 37,674 7.40 0.5587
2026-02-12 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 190,440 -3,779 -1.95 35,079 -11.30 0.5117
2025-11-13 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 194,219 -4,114 -2.07 39,547 -2.56 0.5749
2025-08-12 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 198,333 -41,746 -17.39 40,587 -0.93 0.6179
2025-05-13 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 240,079 -694 -0.29 40,967 -6.49 0.6690
2025-02-10 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 240,773 121,182 101.33 43,811 7.18 0.6871
2024-11-08 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 119,591 2,785 2.38 40,876 3.23 0.6421
2024-08-12 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 116,806 -12,996 -10.01 39,598 7.37 0.6536
2024-05-09 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 129,802 19,442 17.62 36,881 13.33 0.6025
2024-02-12 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 110,360 -16,011 -12.67 32,543 9.84 0.5899
2023-11-09 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 126,371 -2,033 -1.58 29,626 -9.70 0.5627
2023-08-11 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 128,404 -7,048 -5.20 32,809 21.26 0.5875
2023-05-10 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 135,452 4,494 3.43 27,055 48.06 0.5111
2023-02-09 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 130,958 2,111 1.64 18,274 -13.41 0.3471
2022-11-10 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 128,847 85,393 196.51 21,104 -1.68 0.4302
2022-08-12 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 43,454 -8,344 -16.11 21,464 -33.43 0.3925
2022-05-16 2022-03-31 13F Palo Alto Networks COM 697435105 51,798 -2,204 -4.08 32,245 7.25 0.4871
2022-02-14 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 54,002 -777 -1.42 30,066 14.59 0.4135
2021-11-15 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 54,779 -4,842 -8.12 26,239 18.61 0.3887
2021-08-16 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 59,621 1,067 1.82 22,122 17.31 0.3196
2021-05-17 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 58,554 -27,115 -31.65 18,858 -38.06 0.2902
2021-02-16 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 85,669 -6,231 -6.78 30,446 35.36 0.5083
2020-11-16 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 91,900 1,230 1.36 22,493 8.01 0.4303
2020-08-12 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 90,670 275 0.30 20,824 40.50 0.4343
2020-05-15 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 90,395 32,595 56.39 14,821 10.89 0.3682
2020-01-14 2019-12-31 13F Palo Alto Networks COM 697435105 57,800 -1,905 -3.19 13,366 9.83 0.1966
2019-10-31 2019-09-30 13F Palo Alto Networks COM 697435105 59,705 -4,365 -6.81 12,170 -6.78 0.1651
2019-07-31 2019-06-30 13F Palo Alto Networks COM 697435105 64,070 -9,218 -12.58 13,055 -26.66 0.1692
2019-04-30 2019-03-31 13F Palo Alto Networks COM 697435105 73,288 -8,265 -10.13 17,800 15.88 0.2376
2019-02-08 2018-12-31 13F Palo Alto Networks COM 697435105 81,553 -2,270 -2.71 15,361 -18.65 0.2302
2018-11-13 2018-09-30 13F Palo Alto Networks COM 697435105 83,823 -34,123 -28.93 18,882 -22.08 0.2379
2018-08-13 2018-06-30 13F Palo Alto Networks COM 697435105 117,946 -69,725 -37.15 24,234 -28.86 0.3074
2018-05-14 2018-03-31 13F Palo Alto Networks COM 697435105 187,671 21,515 12.95 34,066 41.45 0.4340
2018-02-13 2017-12-31 13F Palo Alto Networks COM 697435105 166,156 -10,749 -6.08 24,083 -5.53 0.2734
2017-10-30 2017-09-30 13F Palo Alto Networks COM 697435105 176,905 -1,630 -0.91 25,492 6.71 0.2932
2017-08-04 2017-06-30 13F Palo Alto Networks COM 697435105 178,535 76,838 75.56 23,890 108.48 0.2866
2017-04-28 2017-03-31 13F Palo Alto Networks COM 697435105 101,697 76,224 299.23 11,459 259.78 0.1398
2017-01-30 2016-12-31 13F Palo Alto Networks COM 697435105 25,473 -55,282 -68.46 3,185 -75.25 0.0407
2016-10-31 2016-09-30 13F Palo Alto Networks COM 697435105 80,755 -2,685 -3.22 12,867 25.74 0.1545
2016-08-15 2016-06-30 13F/A-1 Palo Alto Networks COM 697435105 83,440 5,785 7.45 10,233 -19.23 0.1219
2016-07-29 2016-06-30 13F Palo Alto Networks COM 697435105 83,440 10,233
2016-04-29 2016-03-31 13F Palo Alto Networks COM 697435105 77,655 33,295 75.06 12,669 62.13 0.1678
2016-01-29 2015-12-31 13F Palo Alto Networks COM 697435105 44,360 21,310 92.45 7,814 97.07 0.1059
2015-10-30 2015-09-30 13F Palo Alto Networks COM 697435105 23,050 3,000 14.96 3,965 13.19 0.0530
2015-07-31 2015-06-30 13F Palo Alto Networks COM 697435105 20,050 3,575 21.70 3,503 45.53 0.0413
2015-04-30 2015-03-31 13F Palo Alto Networks COM 697435105 16,475 16,475 0.00 2,407 0.0283
2015-01-30 2014-12-31 13F Palo Alto Networks COM 697435105 0 -13,075 -100.00 0 -100.00
2014-10-30 2014-09-30 13F Palo Alto Networks COM 697435105 13,075 -200 -1.51 1,283 15.27 0.0142
2014-09-18 2014-06-30 13F/A-1 Palo Alto Networks COM 697435105 13,275 6,425 93.80 1,113 136.81 0.0108
2014-07-30 2014-06-30 13F Palo Alto Networks COM 697435105 13,275 1,113
2014-04-30 2014-03-31 13F Palo Alto Networks COM 697435105 6,850 6,850 470 0.0062
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.