Palo Alto Networks, Inc.
US ˙ NasdaqGS ˙ US6974351057

SecurityPANW / Palo Alto Networks, Inc.
InstitutionCwm, Llc
Latest Disclosed Ownership127,517 shares
Latest Disclosed Value $ 20,443,517
Cwm, Llc reports 23.47% decrease in ownership of PANW / Palo Alto Networks, Inc.

On May 14, 2026 - Cwm, Llc filed a 13F-HR form disclosing ownership of 127,517 shares of Palo Alto Networks, Inc. (US:PANW) valued at $20,443,525 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 166,625 shares of Palo Alto Networks, Inc.. This represents a change in shares of -23.47% during the quarter. The current value of the position is $35,759,592 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)
2026-05-14 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 127,517 -39,108 -23.47 20,444 68,043.33 0.0532
2026-01-26 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 166,625 57,011 52.01 31 36.36 0.0832
2025-10-15 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 109,614 35,043 46.99 22 46.67 0.0671
2025-07-25 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 74,571 14,661 24.47 15 50.00 0.0538
2025-05-01 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 59,910 17,347 40.76 10 42.86 0.0408
2025-02-04 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 42,563 25,740 153.00 8 40.00 0.0321
2024-10-08 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 16,823 1,539 10.07 6 0.00 0.0247
2024-07-10 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 15,284 -1,405 -8.42 5 25.00 0.0244
2024-04-05 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 16,689 5,890 54.54 5 33.33 0.0231
2024-02-01 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 10,799 1,460 15.63 3 50.00 0.0171
2023-10-11 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 9,339 852 10.04 2 0.00 0.0134
2023-08-03 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 8,487 -57,163 -87.07 2 -84.62 0.0134
2023-05-01 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 65,650 2,030 3.19 13 62.50 0.0886
2023-02-01 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 63,620 -10,503 -14.17 9 -99.93 0.0654
2022-10-27 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 74,123 48,877 193.60 12,141 -2.64 0.0964
2022-07-28 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 25,246 -21,442 -45.93 12,470 -57.09 0.0966
2022-04-21 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 46,688 -9,056 -16.25 29,064 -6.35 0.2062
2022-01-31 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 55,744 3,159 6.01 31,036 59.06 0.2185
2021-09-15 2021-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2021-07-29 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 52,585 0 19,512 0.1555
2021-09-15 2021-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2021-04-27 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 50,191 -2,394 16,165 0.1422
2021-09-15 2020-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2021-01-27 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 14,309 -38,276 5,085 0.0477
2021-09-15 2020-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2020-10-19 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 344 -52,241 84 0.0009
2021-09-15 2020-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2020-07-22 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 137 -52,448 31 0.0004
2021-09-15 2020-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2020-04-28 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 410 -52,175 67 0.0010
2021-09-14 2019-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2020-01-27 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 880 -51,705 204 0.0026
2021-09-14 2019-09-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2019-10-22 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 563 -52,022 115 0.0017
2021-09-14 2019-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 0 0.00 19,512 0.00 0.1555
2019-07-31 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 603 -51,982 123 0.0020
2021-09-02 2019-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 52,585 52,088 10,480.48 19,512 20,657.45 0.1555
2019-04-22 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 543 46 132 0.0026
2019-01-25 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 497 7 1.43 94 -14.55 0.0023
2018-10-29 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 490 177 56.55 110 71.88 0.0028
2018-07-31 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 313 -14 -4.28 64 8.47 0.0021
2018-04-26 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 327 5 1.55 59 25.53 0.0023
2018-01-16 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 322 -55 -14.59 47 -12.96 0.0021
2017-10-16 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 377 77 25.67 54 35.00 0.0026
2017-07-17 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 300 0 0.00 40 17.65 0.0020
2017-04-17 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 300 300 34 0.0019
2017-01-19 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 0 -103 -100.00 0 -100.00
2016-10-17 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 103 103 16 0.0011
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.