Palo Alto Networks, Inc.
US ˙ NasdaqGS ˙ US6974351057

SecurityPANW / Palo Alto Networks, Inc.
InstitutionCommerce Bank
Latest Disclosed Ownership585,099 shares
Latest Disclosed Value $ 93,803,071
Commerce Bank reports 18.72% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 11, 2026 - Commerce Bank filed a 13F-HR form disclosing ownership of 585,099 shares of Palo Alto Networks, Inc. (US:PANW) valued at $93,803,072 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 492,848 shares of Palo Alto Networks, Inc.. This represents a change in shares of 18.72% during the quarter. The current value of the position is $164,079,313 USD.

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 585,099 92,251 18.72 93,803 3.33 0.1934
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 492,848 62,956 14.64 90,783 3.71 0.5013
2025-11-12 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 429,892 128,928 42.84 87,535 42.13 0.4870
2025-08-07 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 300,964 252,580 522.03 61,589 645.99 0.3636
2025-05-08 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 48,384 1,625 3.48 8,256 -2.96 0.0527
2025-02-13 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 46,759 20,980 81.38 8,508 -3.44 0.0524
2024-11-08 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 25,779 1,266 5.16 8,811 6.03 0.0540
2024-08-12 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 24,513 -655 -2.60 8,310 16.22 0.0538
2024-05-03 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 25,168 1,394 5.86 7,151 2.00 0.0473
2024-02-09 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 23,774 -7,160 -23.15 7,010 -3.34 0.0499
2023-11-14 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 30,934 -294 -0.94 7,252 -9.11 0.0571
2023-08-08 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 31,228 -5,140 -14.13 7,979 9.84 0.0597
2023-05-04 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 36,368 -18 -0.05 7,264 43.08 0.0569
2023-02-10 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 36,386 -16,408 -31.08 5,077 -41.29 0.0412
2022-11-04 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 52,794 34,549 189.36 8,647 -4.05 0.0751
2022-08-12 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 18,245 -2,479 -11.96 9,012 -30.14 0.0734
2022-05-09 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 20,724 -3,226 -13.47 12,901 -3.25 0.0884
2022-02-14 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 23,950 -3,318 -12.17 13,335 2.10 0.0872
2021-11-09 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 27,268 -4,036 -12.89 13,061 12.44 0.0924
2021-08-09 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 31,304 -2,971 -8.67 11,616 5.23 0.0825
2021-05-05 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 34,275 -1,785 -4.95 11,039 -13.87 0.0840
2021-02-09 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 36,060 -4,920 -12.01 12,816 27.78 0.1036
2020-11-06 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 40,980 990 2.48 10,030 9.20 0.0907
2020-08-07 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 39,990 5,363 15.49 9,185 61.76 0.0895
2020-05-08 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 34,627 1,654 5.02 5,678 -25.53 0.0687
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 32,973 -839 -2.48 7,625 10.65 0.0726
2019-11-12 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 33,812 30,103 811.62 6,891 811.51 0.0707
2019-08-07 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 3,709 1,445 63.83 756 37.45 0.0085
2019-05-08 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 2,264 794 54.01 550 98.56 0.0065
2019-02-11 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 1,470 -97 -6.19 277 -21.53 0.0035
2018-11-02 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 1,567 190 13.80 353 24.73 0.0042
2018-08-08 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 1,377 112 8.85 283 23.04 0.0036
2018-05-03 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 1,265 -154 -10.85 230 11.65 0.0030
2018-02-12 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 1,419 -115 -7.50 206 -6.79 0.0027
2017-11-07 2017-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 1,534 1,534 221 0.0030
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.