Palo Alto Networks, Inc.

PANW • NASDAQ

Palo Alto Networks, Inc. is a software - infrastructure company in the technology sector on NASDAQ, led by Nikesh Arora, with a market cap of $130.85B. As of Q3 2025, 80% of shares are held by 2,366 institutional investors, with VANGUARD GROUP INC as the largest holder at 9.64%.

CEONikesh Arora

Market Cap$130.85B

Software - Infrastructure

Technology

Employees14.8K

Websitepaloaltonetworks.com

Country

United States of America

Overview

Overview of institutional ownership in PANW as of Q3 2025 with a market cap of $137.82B

All Institutions

Institutions: 2,366
Value Held: $110.53B
Shares Held: 542.8M
Avg Position: $46.7M
Median Position: $1.5M

Hedge Funds

Hedge Funds: 101
Value Held: $2.5B
Shares Held: 12.4M
Avg Position: $24.9M
Median Position: $3.8M

Ownership Breakdown

Institutional (non-HF)

78.37%

$108.01B

Hedge Funds

1.83%

$2.5B

Retail & Other

19.8%

$27.3B

Based on market cap of $137.82B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PANW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$13.3B 0.20% of portfolio	9.64% 65.3M shares	≤ Q2 2013 Held for 12y 6m+	$6.69T
BlackRock, Inc. Institution	Laurence D. Fink CEO	$11.3B 0.20% of portfolio	8.19% 55.4M shares	≤ Q2 2013 Held for 12y 6m+	$5.67T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$6.3B 0.38% of portfolio	4.54% 30.8M shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$6.1B 0.21% of portfolio	4.39% 29.7M shares	≤ Q2 2013 Held for 12y 6m+	$2.88T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$3.6B 0.27% of portfolio	2.58% 17.5M shares	≤ Q2 2013 Held for 12y 6m+	$1.33T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$3.2B 0.20% of portfolio	2.33% 15.8M shares	≤ Q2 2013 Held for 12y 6m+	$1.56T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$3.1B 0.20% of portfolio	2.28% 15.4M shares	≤ Q2 2013 Held for 12y 6m+	$1.57T
R ROYAL BANK OF CANADA Institution	-	$2.0B 0.37% of portfolio	1.47% 9.9M shares	≤ Q2 2013 Held for 12y 6m+	$542.04B
UBS Group AG Institution	Sergio P. Ermotti CEO	$1.6B 0.32% of portfolio	1.19% 8.1M shares	Q4 2014 Held for 11 years	$511.60B
N Nuveen, LLC Institution	-	$1.6B 0.41% of portfolio	1.13% 7.7M shares	Q1 2025 Held for 9 months	$377.99B

Net Capital Flow

Institutional buying and selling activity for PANW in Q3 2025

Traded: +$6.4B
Buyers: 1,451
Sellers: 759
Total Bought: +$10.1B
Total Sold: −$3.7B
Avg Position: $44.2M

Biggest Buyers

Institution	Net Bought	Current Position
D DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Institution	+$586.8M +2.9M shares	$690.1M 3.4M shares
J JANE STREET GROUP, LLC Institution	+$531.1M +2.6M shares	$531.5M 2.6M shares
R ROYAL BANK OF CANADA Institution	+$499.9M +2.5M shares	$2.0B 9.9M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$462.6M +2.3M shares	$515.0M 2.5M shares
BlackRock, Inc. Institution	+$352.8M +1.7M shares	$11.3B 55.4M shares
Marshall Wace LLP Institution	+$347.3M +1.7M shares	$349.0M 1.7M shares
BARCLAYS PLC Institution	+$272.6M +1.3M shares	$1.2B 5.8M shares
UBS Group AG Institution	+$264.3M +1.3M shares	$1.6B 8.1M shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$261.1M +1.3M shares	$502.3M 2.5M shares
VANGUARD GROUP INC Institution	+$255.3M +1.3M shares	$13.3B 65.3M shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$564.5M −2.8M shares	$1.5B 7.6M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$304.9M −1.5M shares	$1.2B 5.9M shares
Capital Research Global Investors RIA/Wealth	−$263.8M −1.3M shares	$420.1M 2.1M shares
A AXA Institution	−$177.7M −868.3K shares	Sold Off 0 shares
A Altshuler Shaham Ltd Institution	−$157.5M −773.3K shares	$116.1M 570.4K shares
FEDERATED INVESTORS INC /PA/ Long Only Manager	−$115.6M −567.8K shares	$114.1M 560.6K shares
Polar Capital Holdings Plc Long Only Manager	−$105.4M −515.1K shares	Sold Off 0 shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$95.6M −469.5K shares	$18.9M 92.9K shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$83.7M −411.2K shares	$25.7M 126.1K shares
AMERIPRISE FINANCIAL INC Institution	−$76.5M −375.5K shares	$1.1B 5.6M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PANW in Q3 2025

New Positions: 102
New Value: $148.6M
Exited Positions: 132
Exited Value: $455.0M

New Positions

Institution	Position Value
Advocacy Wealth Management Services, LLC RIA/Wealth	$16.7M 80.9K shares
D DDD Partners, LLC Institution	$12.3M 60.4K shares
Morningstar Investment Management LLC Long Only Manager	$9.4M 46.1K shares
N Napean Trading & Investment Co PTE Ltd Institution	$8.2M 40.4K shares
Welch Group, LLC RIA/Wealth	$7.9M 38.9K shares
TIG Advisors, LLC Hedge Fund•Multi-Strategy	$7.7M 37.6K shares
Ayrshire Capital Management LLC RIA/Wealth	$7.6M 37.4K shares
B BDF-GESTION Institution	$5.5M 27.2K shares
OMC Financial Services LTD RIA/Wealth	$4.4M 21.7K shares
Night Squared LP Hedge Fund•Long/Short	$4.1M 20.0K shares

Exited Positions

Institution	Previous Position
A AXA Institution	$177.7M 868.3K shares
Polar Capital Holdings Plc Long Only Manager	$105.4M 515.1K shares
Trexquant Investment LP Hedge Fund•Quant	$25.4M 124.2K shares
N NATIXIS Institution	$14.0M 68.2K shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	$11.8M 57.8K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$9.5M 46.4K shares
DUPONT CAPITAL MANAGEMENT Corp Fund of Funds	$8.0M 39.2K shares
Lombard Odier Asset Management Ltd Private Equity	$8.0M 39.1K shares
A Axecap Investments, LLC Institution	$6.6M 32.4K shares
A Andra AP-fonden Institution	$6.1M 29.8K shares

Options Activity

Institutions with the largest Call and Put options positions in PANW as of Q3 2025

Call Positions: 73
Call Value: $4.5B
Put Positions: 66
Put Value: $6.0B

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.3B 63.8K contracts
J JANE STREET GROUP, LLC Institution	$852.5M 41.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$632.3M 31.1K contracts
Pentwater Capital Management LP Hedge Fund•Event Driven	$167.0M 8.2K contracts
Walleye Trading LLC RIA/Wealth	$145.5M 7.1K contracts
TORONTO DOMINION BANK Institution	$140.9M 6.9K contracts
W WOLVERINE TRADING, LLC Institution	$125.3M 6.1K contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$122.5M 6.0K contracts
GOLDMAN SACHS GROUP INC Institution	$104.9M 5.2K contracts
P PEAK6 LLC Institution	$104.6M 5.1K contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$1.2B 58.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1B 55.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$551.7M 27.1K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$342.3M 16.8K contracts
GOLDMAN SACHS GROUP INC Institution	$257.2M 12.6K contracts
P PEAK6 LLC Institution	$204.1M 10.0K contracts
BANK OF MONTREAL /CAN/ Institution	$183.0M 9.0K contracts
Walleye Trading LLC RIA/Wealth	$170.6M 8.4K contracts
UBS Group AG Institution	$166.1M 8.2K contracts
TORONTO DOMINION BANK Institution	$162.9M 8.0K contracts

Most Committed Institutions

Institutions with PANW as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
D Delta Accumulation, LLC Hedge Fund•Vol Arbitrage	Joshua Ives Piestrup Managing Partner	7.49% $1.3M	0.00% 7.8K shares	Q4 2021 Held for 4 years	$17.7M
SCGE MANAGEMENT, L.P. Hedge Fund•Long/Short	Vincent Lo Wu CIO	7.07% $383.8M	0.28% 1.9M shares	Q2 2023 Held for 2y 6m	$5.4B
S Sustainable Insight Capital Management, LLC Long Only Manager	Dustin James Blodgett Managing Partner	6.97% $22.2M	0.02% 109.0K shares	Q4 2023 Held for 2 years	$318.2M
Avalon Global Asset Management LLC Hedge Fund•Long/Short	Nancy Ann Kukacka Managing Partner	6.41% $27.4M	0.02% 134.6K shares	Q1 2014 Held for 11y 9m	$427.8M
B BURR FINANCIAL SERVICES, LLC RIA/Wealth	Michael Patrick Killeen Owner	6.17% $8.3M	0.01% 40.8K shares	Q4 2023 Held for 2 years	$134.6M
Sandhill Capital Partners LLC RIA/Wealth	Edwin Mcclellan Johnston Founder	5.89% $84.4M	0.06% 414.5K shares	Q3 2021 Held for 4y 3m	$1.4B
C Carroll Investors, Inc RIA/Wealth	Stephen Darryl Carroll CEO	5.69% $11.7M	0.01% 57.7K shares	Q3 2022 Held for 3y 3m	$206.5M
R Robocap Asset Management Ltd Institution	-	5.64% $8.8M	0.01% 43.4K shares	Q1 2023 Held for 2y 9m	$156.9M
S Stony Point Capital LLC Hedge Fund•Long/Short	Richard John Walters CIO	5.01% $71.5M	0.05% 351.3K shares	Q3 2021 Held for 4y 3m	$1.4B
LATEEF INVESTMENT MANAGEMENT, L.P. Long Only Manager	Quoc Kinh Tran Chairman	4.27% $35.7M	0.03% 175.3K shares	Q1 2020 Held for 5y 9m	$836.6M

Hedge Fund Spotlight

Discover hedge funds investing in PANW

Hudson Bay Capital Management LP

Hedge Fund • Multi-Strategy

Portfolio ManagerSander Ross Gerber

Portfolio Value: $14.7B
Positions: 895
Last Reported: Q3 2025

Sector Allocation

Position in Palo Alto Networks, Inc.

Market Value: $6.5M
Shares Held: 31.7K
Portfolio Weight: 0.04%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.1B	7.57%
2 Amazon AMZN	Specialty Retail Consumer Cyclical	$977.3M	6.65%
3 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$787.6M	5.36%