Palo Alto Networks, Inc.
US ˙ NasdaqGS ˙ US6974351057

SecurityPANW / Palo Alto Networks, Inc.
InstitutionLevel Four Advisory Services, Llc
Latest Disclosed Ownership27,356 shares
Latest Disclosed Value $ 4,385,714
Level Four Advisory Services, Llc reports 22.02% increase in ownership of PANW / Palo Alto Networks, Inc.

On May 14, 2026 - Level Four Advisory Services, Llc filed a 13F-HR form disclosing ownership of 27,356 shares of Palo Alto Networks, Inc. (US:PANW) valued at $4,385,714 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 22,419 shares of Palo Alto Networks, Inc.. This represents a change in shares of 22.02% during the quarter. The current value of the position is $7,671,443 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 27,356 4,937 22.02 4,386 6.20 0.1440
2026-02-13 2025-12-31 13F PALO ALTO NETWORKS COM 697435105 22,419 630 2.89 4,130 -6.92 0.1351
2025-11-12 2025-09-30 13F PALO ALTO NETWORKS COM 697435105 21,789 -429 -1.93 4,437 -2.42 0.1519
2025-08-13 2025-06-30 13F PALO ALTO NETWORKS COM 697435105 22,218 -1,401 -5.93 4,547 12.80 0.1676
2025-05-14 2025-03-31 13F PALO ALTO NETWORKS COM 697435105 23,619 -609 -2.51 4,030 -8.58 0.1657
2025-02-12 2024-12-31 13F PALO ALTO NETWORKS COM 697435105 24,228 12,200 101.43 4,409 1.71 0.1802
2024-11-14 2024-09-30 13F PALO ALTO NETWORKS COM 697435105 12,028 -306 -2.48 4,334 3.66 0.1824
2024-08-09 2024-06-30 13F PALO ALTO NETWORKS COM 697435105 12,334 125 1.02 4,181 16.14 0.1885
2024-05-13 2024-03-31 13F PALO ALTO NETWORKS COM 697435105 12,209 497 4.24 3,600 4.26 0.1978
2024-02-08 2023-12-31 13F PALO ALTO NETWORKS COM 697435105 11,712 -273 -2.28 3,454 22.93 0.1938
2023-11-13 2023-09-30 13F PALO ALTO NETWORKS COM 697435105 11,985 99 0.83 2,810 -7.48 0.1811
2023-07-10 2023-06-30 13F PALO ALTO NETWORKS COM 697435105 11,886 342 2.96 3,037 31.71 0.1825
2023-06-05 2023-03-31 13F PALO ALTO NETWORKS COM 697435105 11,544 -2,589 -18.32 2,306 16.89 0.1512
2023-02-13 2022-12-31 13F PALO ALTO NETWORKS COM 697435105 14,133 1,612 12.87 1,972 -3.85 0.1464
2022-11-07 2022-09-30 13F PALO ALTO NETWORKS COM 697435105 12,521 8,383 202.59 2,051 0.34 0.1993
2022-08-08 2022-06-30 13F PALO ALTO NETWORKS COM 697435105 4,138 -273 -6.19 2,044 -25.56 0.1928
2022-05-10 2022-03-31 13F PALO ALTO NETWORKS COM 697435105 4,411 226 5.40 2,746 17.85 0.2151
2022-02-11 2021-12-31 13F PALO ALTO NETWORKS COM 697435105 4,185 -564 -11.88 2,330 2.42 0.1777
2021-10-12 2021-09-30 13F PALO ALTO NETWORKS COM 697435105 4,749 -20 -0.42 2,275 28.53 0.2366
2021-08-09 2021-06-30 13F PALO ALTO NETWORKS COM 697435105 4,769 257 5.70 1,770 21.82 0.1224
2021-05-10 2021-03-31 13F PALO ALTO NETWORKS COM 697435105 4,512 239 5.59 1,453 -4.34 0.1128
2021-02-10 2020-12-31 13F PALO ALTO NETWORKS COM 697435105 4,273 -466 -9.83 1,519 30.95 0.1219
2020-11-02 2020-09-30 13F PALO ALTO NETWORKS COM 697435105 4,739 -246 -4.93 1,160 0.69 0.0894
2020-08-17 2020-06-30 13F/A-1 PALO ALTO NETWORKS COM 697435105 4,985 -163 -3.17 1,152 37.80 0.0891
2020-05-13 2020-03-31 13F PALO ALTO NETWORKS COM 697435105 5,148 390 8.20 836 -85.92 0.1003
2020-02-13 2019-12-31 13F PALO ALTO NETWORKS COM 697435105 4,758 988 26.21 5,936 671.91 0.2350
2019-11-12 2019-09-30 13F PALO ALTO NETWORKS COM 697435105 3,770 199 5.57 769 5.49 0.0796
2019-08-14 2019-06-30 13F PALO ALTO NETWORKS COM 697435105 3,571 34 0.96 729 -15.13 0.0736
2019-05-15 2019-03-31 13F PALO ALTO NETWORKS COM 697435105 3,537 137 4.03 859 34.22 0.0946
2019-02-07 2018-12-31 13F PALO ALTO NETWORKS COM 697435105 3,400 -122 -3.46 640 -19.29 0.0798
2018-11-14 2018-09-30 13F PALO ALTO NETWORKS COM 697435105 3,522 -470 -11.77 793 -3.41 0.0857
2018-08-14 2018-06-30 13F PALO ALTO NETWORKS COM 697435105 3,992 3,992 821 0.0598
2018-02-13 2017-12-31 13F PALO ALTO NETWORKS COM 697435105 0 -1,412 -100.00 0 -100.00
2017-11-15 2017-09-30 13F PALO ALTO NETWORKS COM 697435105 1,412 1,412 207 0.0181
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.