Vestmark Advisory Solutions, Inc. reports 17.48% increase in ownership of PANW / Palo Alto Networks, Inc.

Palo Alto Networks, Inc.

CH ˙ SWX ˙ US6974351057

Security	CH:PANW / Palo Alto Networks, Inc.
Institution	Vestmark Advisory Solutions, Inc.
Latest Disclosed Ownership	55,149 shares
Latest Disclosed Value	$ 8,841,488

On May 15, 2026 - Vestmark Advisory Solutions, Inc. filed a 13F-HR form disclosing ownership of 55,149 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $8,841,488 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 6, 2026 disclosing 46,943 shares of Palo Alto Networks, Inc.. This represents a change in shares of 17.48% 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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-15	2026-03-31	13F	PALO ALTO NETWORKS	COM	697435105	55,149	8,206	17.48	8,841	2.26	0.0608
2026-02-06	2025-12-31	13F	PALO ALTO NETWORKS	COM	697435105	46,943	17,706	60.56	8,647	45.24	0.1167
2025-11-10	2025-09-30	13F	PALO ALTO NETWORKS	COM	697435105	29,237	7,127	32.23	5,953	31.59	0.1135
2025-08-06	2025-06-30	13F	PALO ALTO NETWORKS	COM	697435105	22,110	-14,756	-40.03	4,525	-28.08	0.0653
2025-05-13	2025-03-31	13F	PALO ALTO NETWORKS	COM	697435105	36,866	18,102	96.47	6,291	84.24	0.1620
2025-02-06	2024-12-31	13F	PALO ALTO NETWORKS	COM	697435105	18,764	9,783	108.93	3,414	11.24	0.1176
2024-11-14	2024-09-30	13F	PALO ALTO NETWORKS	COM	697435105	8,981	7,132	385.72	3,070	390.26	0.1143
2024-08-12	2024-06-30	13F	PALO ALTO NETWORKS	COM	697435105	1,849	-164	-8.15	627	9.63	0.0262
2024-05-15	2024-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,013	-57	-2.75	572	-6.39	0.0246
2024-02-06	2023-12-31	13F	PALO ALTO NETWORKS	COM	697435105	2,070	52	2.58	610	28.96	0.0310
2023-11-06	2023-09-30	13F	PALO ALTO NETWORKS	COM	697435105	2,018	-9,086	-81.83	473	-83.33	0.0344
2023-08-07	2023-06-30	13F	PALO ALTO NETWORKS	COM	697435105	11,104	1,552	16.25	2,837	48.77	0.1080
2023-05-09	2023-03-31	13F	PALO ALTO NETWORKS	COM	697435105	9,552	77	0.81	1,908	44.25	0.0826
2023-01-20	2022-12-31	13F	PALO ALTO NETWORKS	COM	697435105	9,475	-2,787	-22.73	1,322	-34.16	0.0644
2022-11-03	2022-09-30	13F	PALO ALTO NETWORKS	COM	697435105	12,262	8,188	200.98	2,008	-0.20	0.1119
2022-08-04	2022-06-30	13F	PALO ALTO NETWORKS	COM	697435105	4,074	-98	-2.35	2,012	-22.53	0.1149
2022-04-27	2022-03-31	13F	PALO ALTO NETWORKS	COM	697435105	4,172	617	17.36	2,597	31.23	0.1470
2022-01-31	2021-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,555	186	5.52	1,979	22.61	0.1117
2021-11-15	2021-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,369	225	7.16	1,614	38.30	0.1093
2021-08-09	2021-06-30	13F	PALO ALTO NETWORKS	COM	697435105	3,144	-120	-3.68	1,167	11.04	0.0830
2021-05-10	2021-03-31	13F	PALO ALTO NETWORKS	COM	697435105	3,264	-70	-2.10	1,051	-11.31	0.0932
2021-02-04	2020-12-31	13F	PALO ALTO NETWORKS	COM	697435105	3,334	166	5.24	1,185	52.90	0.1330
2020-10-19	2020-09-30	13F	PALO ALTO NETWORKS	COM	697435105	3,168	280	9.70	775	16.89	0.1041
2020-08-13	2020-06-30	13F	PALO ALTO NETWORKS	COM	697435105	2,888	513	21.60	663	70.44	0.1026
2020-05-06	2020-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,375	2,375		389		0.0760
2020-02-14	2019-12-31	13F	PALO ALTO NETWORKS	COM	697435105	0	-2,846	-100.00	0	-100.00
2019-11-05	2019-09-30	13F	PALO ALTO NETWORKS	COM	697435105	2,846	529	22.83	580	22.88	0.0940
2019-08-20	2019-06-30	13F	PALO ALTO NETWORKS	COM	697435105	2,317	199	9.40	472	-8.17	0.0808
2019-05-14	2019-03-31	13F	PALO ALTO NETWORKS	COM	697435105	2,118	2,118		514		0.0916

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.