Vanguard Group Inc ownership in PANW / Palo Alto Networks, Inc.

Palo Alto Networks, Inc.

CH ˙ SWX ˙ US6974351057

Security	CH:PANW / Palo Alto Networks, Inc.
Institution	Vanguard Group Inc
Latest Disclosed Ownership	65,268,469 shares
Ownership	9.75%

2025-10-30 - Vanguard Group Inc has filed an SCHEDULE 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 65,268,469 shares of Palo Alto Networks, Inc. (CH:PANW). This represents 9.75 percent ownership of the company. In their previous filing dated 2024-02-13 , Vanguard Group Inc had reported owning 27,568,500 shares, indicating an increase of 136.75 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File Date	Effective Date	Form	Prev Shares	Latest Shares	ΔShares (Percent)	Ownership (Percent)	ΔOwnership (Percent)
2025-10-30	2025-10-30	13G/A	27,568,500	65,268,469	136.75	9.75	11.56
2024-02-13	2024-02-13	13G/A	19,851,052	27,568,500	38.88	8.74	33.03
2023-02-09	2023-02-09	13G/A	8,566,441	19,851,052	131.73	6.57	-24.31
2022-02-10	2022-02-10	13G/A	8,376,791	8,566,441	2.26	8.68	-1.03
2021-02-10	2021-02-10	13G/A	8,811,876	8,376,791	-4.94	8.77	-2.45
2020-02-12	2020-02-12	13G/A	8,031,694	8,811,876	9.71	8.99	6.26
2019-02-11	2019-02-11	13G/A	7,464,729	8,031,694	7.60	8.46	4.19
2018-02-09	2018-02-09	13G/A	6,743,800	7,464,729	10.69	8.12	10.48
2017-02-10	2017-02-10	13G/A	5,500,166	6,743,800	22.61	7.35	14.84
2016-02-11	2016-02-11	13G/A		5,500,166		6.40
2015-02-11	2015-02-11	13G		4,115,047		5.10

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-01-29	2025-12-31	13F	PALO ALTO NETWORKS	COM	697435105	67,929,063	2,659,100	4.07	12,512,533	-5.85	0.1814
2025-11-07	2025-09-30	13F	PALO ALTO NETWORKS	COM	697435105	65,269,963	1,253,589	1.96	13,290,270	1.45	0.1989
2025-08-11	2025-06-30	13F	PALO ALTO NETWORKS	COM	697435105	64,016,374	1,240,830	1.98	13,100,311	22.30	0.2120
2025-05-09	2025-03-31	13F	PALO ALTO NETWORKS	COM	697435105	62,775,544	1,541,637	2.52	10,712,019	-3.86	0.1937
2025-02-11	2024-12-31	13F	PALO ALTO NETWORKS	COM	697435105	61,233,907	31,281,359	104.44	11,142,122	8.83	0.1941
2024-11-13	2024-09-30	13F	PALO ALTO NETWORKS	COM	697435105	29,952,548	451,439	1.53	10,237,781	2.37	0.1833
2024-08-13	2024-06-30	13F	PALO ALTO NETWORKS	COM	697435105	29,501,109	929,011	3.25	10,001,171	23.19	0.1921
2024-05-10	2024-03-31	13F	PALO ALTO NETWORKS	COM	697435105	28,572,098	1,002,239	3.64	8,118,190	-0.14	0.1608
2024-03-11	2023-12-31	13F/A-1	PALO ALTO NETWORKS	COM	697435105	27,569,859	1,058,127	3.99	8,129,800	30.80	0.1776
2024-02-14	2023-12-31	13F	PALO ALTO NETWORKS	COM	697435105	27,569,859	1,058,127		8,129,800		0.1779
2023-12-18	2023-09-30	13F/A-1	PALO ALTO NETWORKS	COM	697435105	26,511,732	304,272	1.16	6,215,410	-7.18	0.1527
2023-11-14	2023-09-30	13F	PALO ALTO NETWORKS	COM	697435105	26,511,732	304,272		6,215,410		0.1527
2023-08-14	2023-06-30	13F	PALO ALTO NETWORKS	COM	697435105	26,207,460	6,086,264	30.25	6,696,268	66.61	0.1588
2023-07-14	2023-03-31	13F/A-1	PALO ALTO NETWORKS	COM	697435105	20,121,196	270,144	1.36	4,019,008	45.09	0.1023
2023-05-15	2023-03-31	13F	PALO ALTO NETWORKS	COM	697435105	20,120,065	269,013		4,018,782		0.1024
2023-02-10	2022-12-31	13F	PALO ALTO NETWORKS	COM	697435105	19,851,052	627,272	3.26	2,770,016	-12.03	0.0754
2022-11-14	2022-09-30	13F	PALO ALTO NETWORKS	COM	697435105	19,223,780	11,544,319	150.33	3,148,664	-16.99	0.0926
2022-08-12	2022-06-30	13F	PALO ALTO NETWORKS	COM	697435105	7,679,461	127,720	1.69	3,793,193	-19.31	0.1066
2022-05-13	2022-03-31	13F	PALO ALTO NETWORKS	COM	697435105	7,551,741	-1,014,700	-11.85	4,701,034	-1.43	0.1112
2022-02-14	2021-12-31	13F	PALO ALTO NETWORKS	COM	697435105	8,566,441	115,161	1.36	4,769,451	17.82	0.1083
2021-11-12	2021-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,451,280	-46,466	-0.55	4,048,163	28.39	0.1005
2021-08-13	2021-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,497,746	-29,544	-0.35	3,153,089	14.81	0.0785
2021-05-14	2021-03-31	13F	PALO ALTO NETWORKS	COM	697435105	8,527,290	150,499	1.80	2,746,298	-7.75	0.0743
2021-02-12	2020-12-31	13F	PALO ALTO NETWORKS	COM	697435105	8,376,791	-85,629	-1.01	2,977,027	43.74	0.0864
2020-11-16	2020-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,462,420	-340,580	-3.87	2,071,177	2.44	0.0685
2020-08-14	2020-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,803,000	-232,366	-2.57	2,021,785	36.47	0.0717
2020-05-15	2020-03-31	13F	PALO ALTO NETWORKS	COM	697435105	9,035,366	223,490	2.54	1,481,440	-27.30	0.0631
2020-02-14	2019-12-31	13F	PALO ALTO NETWORKS	COM	697435105	8,811,876	221,343	2.58	2,037,747	16.38	0.0695
2019-11-14	2019-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,590,533	247,457	2.97	1,751,008	3.00	0.0649
2019-08-14	2019-06-30	13F	PALO ALTO NETWORKS	COM	697435105	8,343,076	179,388	2.20	1,699,985	-14.26	0.0640
2019-05-15	2019-03-31	13F	PALO ALTO NETWORKS	COM	697435105	8,163,688	131,994	1.64	1,982,796	31.07	0.0778
2019-02-14	2018-12-31	13F	PALO ALTO NETWORKS	COM	697435105	8,031,694	322,511	4.18	1,512,770	-12.89	0.0680
2018-12-13	2018-09-30	13F/A-2	PALO ALTO NETWORKS	COM	697435105	7,709,183	94,743	1.24	1,736,571	11.00	0.0679
2018-11-23	2018-09-30	13F/A-1	PALO ALTO NETWORKS	COM	697435105	7,709,183	0		1,736,571		0.0679
2018-11-14	2018-09-30	13F	PALO ALTO NETWORKS	COM	697435105	7,709,183	94,743		1,736,571
2018-08-14	2018-06-30	13F	PALO ALTO NETWORKS	COM	697435105	7,614,440	102,424	1.36	1,564,540	14.74	0.0654
2018-05-15	2018-03-31	13F	PALO ALTO NETWORKS	COM	697435105	7,512,016	47,287	0.63	1,363,582	26.03	0.0596
2018-02-14	2017-12-31	13F	PALO ALTO NETWORKS	COM	697435105	7,464,729	112,571	1.53	1,081,938	2.12	0.0473
2017-11-14	2017-09-30	13F	PALO ALTO NETWORKS	COM	697435105	7,352,158	90,089	1.24	1,059,446	9.03	0.0495
2017-08-24	2017-06-30	13F/A-1	PALO ALTO NETWORKS	COM	697435105	7,262,069	254,836	3.64	971,738	23.07	0.0479
2017-08-11	2017-06-30	13F	PALO ALTO NETWORKS	COM	697435105	7,262,069	254,836		971,738
2017-05-12	2017-03-31	13F	PALO ALTO NETWORKS	COM	697435105	7,007,233	263,433	3.91	789,575	-6.37	0.0406
2017-02-14	2016-12-31	13F	PALO ALTO NETWORKS	COM	697435105	6,743,800	334,700	5.22	843,312	-17.42	0.0470
2016-11-14	2016-09-30	13F	PALO ALTO NETWORKS	COM	697435105	6,409,100	342,928	5.65	1,021,162	37.26	0.0600
2016-08-10	2016-06-30	13F	PALO ALTO NETWORKS	COM	697435105	6,066,172	353,873	6.19	743,954	-20.17	0.0462
2016-05-13	2016-03-31	13F	PALO ALTO NETWORKS	COM	697435105	5,712,299	212,133	3.86	931,906	-3.81	0.0604
2016-02-08	2015-12-31	13F	PALO ALTO NETWORKS	COM	697435105	5,500,166	540,316	10.89	968,800	13.56	0.0651
2015-11-12	2015-09-30	13F/A-1	PALO ALTO NETWORKS	COM	697435105	4,959,850	125,253	2.59	853,093	1.01	0.0362
2015-08-13	2015-06-30	13F	PALO ALTO NETWORKS	COM	697435105	4,834,597	514,163	11.90	844,604	33.82	0.0571
2015-05-15	2015-03-31	13F/A-1	PALO ALTO NETWORKS	COM	697435105	4,320,434	205,387	4.99	631,129	25.13	0.0428
2015-05-14	2015-03-31	13F	PALO ALTO NETWORKS	COM	697435105	4,320,434			631,129
2015-02-12	2014-12-31	13F	PALO ALTO NETWORKS	COM	697435105	4,115,047	425,059	11.52	504,381	39.34	0.0363
2014-11-12	2014-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,689,988	181,886	5.18	361,987	23.06	0.0282
2014-08-11	2014-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,508,102	297,378	9.26	294,154	33.55	0.0232
2014-05-13	2014-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,210,724	371,394	13.08	220,255	34.98	0.0185
2014-02-12	2013-12-31	13F	PALO ALTO NETWORKS	COM	697435105	2,839,330	624,328	28.19	163,176	60.78	0.0143
2013-11-07	2013-09-30	13F	PALO ALTO NETWORKS	COM	697435105	2,215,002	537,971	32.08	101,491	43.54	0.0099
2013-08-13	2013-06-30	13F	PALO ALTO NETWORKS	COM	697435105	1,677,031	1,677,031		70,704		0.0074

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.