Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionWelch & Forbes Llc
Latest Disclosed Ownership300,564 shares
Latest Disclosed Value $ 48,186,462
Welch & Forbes Llc reports 28.21% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 1, 2026 - Welch & Forbes Llc filed a 13F-HR form disclosing ownership of 300,564 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $48,186,462 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 10, 2026 disclosing 234,423 shares of Palo Alto Networks, Inc.. This represents a change in shares of 28.21% 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.

Upgrade to unlock premium data and export to Excel .

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)
2026-05-01 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 300,564 66,141 28.21 48,186 11.59 0.6230
2026-02-10 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 234,423 86,897 58.90 43,181 43.75 0.5231
2025-11-04 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 147,526 128,927 693.19 30,039 689.25 0.3618
2025-08-05 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 18,599 -187 -1.00 3,806 18.75 0.0475
2025-05-02 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 18,786 50 0.27 3,206 -5.98 0.0419
2025-02-07 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 18,736 9,374 100.13 3,409 6.56 0.0438
2024-11-04 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 9,362 0 0.00 3,200 1.62 0.0407
2024-08-02 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 9,362 33 0.35 3,148 18.79 0.0420
2024-05-03 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 9,329 19 0.20 2,651 -3.46 0.0364
2024-02-06 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 9,310 4 0.04 2,745 25.86 0.0415
2023-11-03 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 9,306 50 0.54 2,182 -7.78 0.0361
2023-07-28 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 9,256 398 4.49 2,365 33.69 0.0373
2023-04-14 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 8,858 0 0.00 1,769 43.12 0.0300
2023-02-02 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 8,858 74 0.84 1,236 -14.11 0.0222
2022-10-31 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 8,784 5,856 200.00 1,439 -0.55 0.0281
2022-07-22 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 2,928 0 0.00 1,447 -20.63 0.0265
2022-04-25 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 2,928 0 0.00 1,823 11.84 0.0287
2022-01-19 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 2,928 0 0.00 1,630 16.18 0.0244
2021-10-13 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 2,928 0 0.00 1,403 29.07 0.0233
2021-07-22 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 2,928 750 34.44 1,087 55.06 0.0184
2021-04-14 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 2,178 0 0.00 701 -9.43 0.0129
2021-01-20 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 2,178 0 0.00 774 45.22 0.0151
2020-10-23 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 2,178 -50 -2.24 533 4.10 0.0115
2020-07-15 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 2,228 0 0.00 512 40.27 0.0120
2020-04-17 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 2,228 100 4.70 365 -25.81 0.0102
2020-01-17 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 492 13.36 0.0109
2019-10-11 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 434 0.00 0.0104
2019-07-12 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 434 -16.05 0.0106
2019-04-29 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 517 28.93 0.0130
2019-02-05 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 401 -16.28 0.0113
2018-10-17 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 2,128 0 0.00 479 9.61 0.0114
2018-07-16 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 2,128 100 4.93 437 18.75 0.0113
2018-04-12 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 2,028 37 1.86 368 27.34 0.0095
2018-01-26 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 1,991 0 0.00 289 0.70 0.0077
2017-11-13 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 1,991 0 0.00 287 7.89 0.0076
2017-07-31 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 1,991 0 0.00 266 18.75 0.0074
2017-07-31 2017-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,991 0 0.00 224 -10.04 0.0064
2017-04-27 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 1,991 224
2017-02-07 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 1,991 0 0.00 249 -21.45 0.0075
2016-11-02 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 1,991 -57 -2.78 317 26.29 0.0110
2016-08-02 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 2,048 -205 -9.10 251 -31.61 0.0076
2016-05-05 2016-03-31 13F PALO ALTO NETWORKS COM 697435105 2,253 581 34.75 367 24.83 0.0114
2016-01-27 2015-12-31 13F PALO ALTO NETWORKS COM 697435105 1,672 57 3.53 294 5.76 0.0094
2015-11-05 2015-09-30 13F PALO ALTO NETWORKS COM 697435105 1,615 148 10.09 278 8.59 0.0093
2015-08-11 2015-06-30 13F PALO ALTO NETWORKS COM 697435105 1,467 57 4.04 256 24.27 0.0080
2015-04-30 2015-03-31 13F PALO ALTO NETWORKS COM 697435105 1,410 1,410 206 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.