Palo Alto Networks, Inc.
CH ˙ SWX ˙ US6974351057
SecurityCH:PANW / Palo Alto Networks, Inc.
InstitutionBrown Advisory Inc
Latest Disclosed Ownership1,747,857 shares
Latest Disclosed Value $ 280,219,730
Brown Advisory Inc reports 1,138.53% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 15, 2026 - Brown Advisory Inc filed a 13F-HR form disclosing ownership of 1,747,857 shares of Palo Alto Networks, Inc. (CH:PANW) valued at $280,219,730 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 141,124 shares of Palo Alto Networks, Inc.. This represents a change in shares of 1,138.53% 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 Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F PALO ALTO NETWORKS COM 697435105 1,747,857 1,606,733 1,138.53 280,220 977.97 0.4605
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 141,124 11,052 8.50 25,995 -1.85 0.0363
2025-11-14 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 130,072 1,792 1.40 26,485 0.89 0.0345
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 128,280 -11,989 -8.55 26,251 9.68 0.0346
2025-04-30 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 140,269 -12,997 -8.48 23,936 -14.17 0.0342
2025-02-14 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 153,266 51,678 50.87 27,888 -19.68 0.0354
2024-11-13 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 101,588 -10,362 -9.26 34,723 -8.51 0.0436
2024-08-14 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 111,950 6,970 6.64 37,952 27.24 0.0496
2024-04-24 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 104,980 13,869 15.22 29,828 11.02 0.0399
2024-02-08 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 91,111 173 0.19 26,867 26.02 0.0378
2023-10-25 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 90,938 -7,396 -7.52 21,320 -15.15 0.0350
2023-07-31 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 98,334 -12,441 -11.23 25,125 13.55 0.0392
2023-05-08 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 110,775 -8,051 -6.78 22,126 33.45 0.0375
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 118,826 1,026 0.87 16,581 -14.07 0.0308
2022-11-14 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 117,800 81,305 222.78 19,294 7.03 0.0375
2022-11-14 2022-06-30 13F/A-2 PALO ALTO NETWORKS COM 697435105 36,495 -476 -1.29 18,026 -21.68 0.0339
2022-09-13 2022-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 36,406 -476 17,982 0.0311
2022-08-02 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 41,941 -441 21,516 0.0346
2022-11-14 2022-03-31 13F/A-2 PALO ALTO NETWORKS COM 697435105 36,971 -10,073 -21.41 23,015 -12.13 0.0343
2022-09-13 2022-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 36,882 -10,162 22,959 0.0322
2022-05-09 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 42,382 -4,662 25,547 0.0347
2022-01-27 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 47,044 10 0.02 26,193 16.26 0.0325
2021-11-12 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 47,034 -2,586 -5.21 22,530 22.37 0.0333
2021-07-29 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 49,620 -2,676 -5.12 18,412 9.32 0.0278
2021-05-14 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 52,296 -1,715 -3.18 16,842 -12.26 0.0288
2021-02-12 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 54,011 4,491 9.07 19,195 58.37 0.0341
2020-11-16 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 49,520 -3,104 -5.90 12,120 0.28 0.0250
2020-08-14 2020-06-30 13F PALO ALTO NETWORKS COM 697435105 52,624 -320 -0.60 12,086 39.24 0.0282
2020-05-15 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 52,944 -149 -0.28 8,680 -29.30 0.0266
2020-02-14 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 53,093 4,736 9.79 12,278 24.57 0.0311
2019-11-14 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 48,357 -345 -0.71 9,856 -0.68 0.0277
2019-08-12 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 48,702 -1,467 -2.92 9,923 -18.56 0.0284
2019-05-15 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 50,169 -3,376 -6.30 12,185 20.82 0.0346
2019-02-13 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 53,545 -2,974 -5.26 10,085 -20.79 0.0339
2018-11-13 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 56,519 7,709 15.79 12,732 26.95 0.0362
2018-08-10 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 48,810 -169 -0.35 10,029 12.80 0.0308
2018-06-28 2018-03-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 48,979 -137,775 -73.77 8,891 -67.15 0.0287
2018-05-14 2018-03-31 13F PALO ALTO NETWORKS COM 697435105 48,262 -138,492 8,761
2018-02-12 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 186,754 -287 -0.15 27,068 0.43 0.0857
2017-11-13 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 187,041 -9,053 -4.62 26,952 2.72 0.0894
2017-08-14 2017-06-30 13F PALO ALTO NETWORKS COM 697435105 196,094 -4,527 -2.26 26,239 16.07 0.0802
2017-05-15 2017-03-31 13F PALO ALTO NETWORKS COM 697435105 200,621 1,673 0.84 22,606 -9.14 0.0771
2017-02-13 2016-12-31 13F PALO ALTO NETWORKS COM 697435105 198,948 2,802 1.43 24,879 -20.39 0.0888
2016-11-14 2016-09-30 13F PALO ALTO NETWORKS COM 697435105 196,146 -4,247 -2.12 31,252 27.16 0.1074
2016-08-09 2016-06-30 13F PALO ALTO NETWORKS COM 697435105 200,393 -1,190 -0.59 24,576 -25.27 0.0863
2016-05-13 2016-03-31 13F PALO ALTO NETWORKS COM 697435105 201,583 2,740 1.38 32,886 -6.10 0.1135
2016-02-08 2015-12-31 13F PALO ALTO NETWORKS COM 697435105 198,843 -17,611 -8.14 35,024 -5.93 0.1188
2015-11-13 2015-09-30 13F PALO ALTO NETWORKS COM 697435105 216,454 -23,001 -9.61 37,230 -11.00 0.1329
2015-08-11 2015-06-30 13F PALO ALTO NETWORKS COM 697435105 239,455 -21,854 -8.36 41,832 9.59 0.1362
2015-05-14 2015-03-31 13F PALO ALTO NETWORKS COM 697435105 261,309 -18,291 -6.54 38,172 11.38 0.1215
2015-02-13 2014-12-31 13F/A-1 PALO ALTO NETWORKS COM 697435105 279,600 -80,949 -22.45 34,271 -3.11 0.1081
2015-02-09 2014-12-31 13F PALO ALTO NETWORKS COM 697435105 285,499 34,730
2014-11-10 2014-09-30 13F PALO ALTO NETWORKS COM 697435105 360,549 -8,487 -2.30 35,370 14.30 0.1136
2014-08-08 2014-06-30 13F PALO ALTO NETWORKS COM 697435105 369,036 -1,117 -0.30 30,944 21.86 0.0973
2014-05-13 2014-03-31 13F PALO ALTO NETWORKS COM 697435105 370,153 231,751 167.45 25,393 219.25 0.0809
2014-02-11 2013-12-31 13F PALO ALTO NETWORKS COM 697435105 138,402 39,620 40.11 7,954 75.74 0.0258
2013-11-08 2013-09-30 13F PALO ALTO NETWORKS COM 697435105 98,782 -10,900 -9.94 4,526 -2.12 0.0162
2013-08-13 2013-06-30 13F PALO ALTO NETWORKS COM 697435105 109,682 109,682 4,624 0.0185
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.