Vanguard Capital Management (NASDAQ: PANW) holds 60.8M shares, 7.44%

Rhea-AI Filing Summary

Vanguard Capital Management reported beneficial ownership of 60,785,782 shares of Palo Alto Networks Inc common stock, representing 7.44% of the class as shown in the filing dated 03/31/2026. The filing reports sole voting power for 8,020,126 shares and sole dispositive power for 60,785,782 shares. The disclosure states these holdings include securities held for Vanguard funds and managed accounts where Vanguard exercises dispositive power.

Insights

Institutional Ownership Analyst

Vanguard reports a sizable 7.44% stake in PANW, shown as dispositive control over 60,785,782 shares.

The filing lists 60,785,782 shares beneficially owned with sole dispositive power, indicating portfolio-level control rather than a single beneficial owner. The report is consistent with passive investment reporting under Schedule 13G.

Cash‑flow treatment or planned disposition activity is not disclosed; subsequent filings would show any changes in voting or sale activity.

Regulatory Compliance Specialist

Schedule 13G disclosure signals passive investor status and identifies voting/dispositive powers.

The filing cites SEC Release No. 34-39538 language describing aggregation across Vanguard business units and funds. It records sole voting power: 8,020,126 and sole dispositive power: 60,785,782, consistent with investment adviser reporting conventions.

Filing compliance appears routine; no regulatory action or transfer instructions are included in the excerpt.

Key Figures

Beneficially owned: 60,785,782 shares Percent of class: 7.44% Sole voting power: 8,020,126 shares +3 more

6 metrics

Beneficially owned 60,785,782 shares reported as of 03/31/2026

Percent of class 7.44% percentage of common stock class

Sole voting power 8,020,126 shares voting power reported in filing

Sole dispositive power 60,785,782 shares dispositive power reported in filing

CUSIP 697435105 Palo Alto Networks common stock identifier

Filing type Schedule 13G passive investor reporting

Key Terms

Schedule 13G, beneficially owned, sole dispositive power, Investment Company Act of 1940

4 terms

Schedule 13G regulatory

"reported beneficial ownership of 60,785,782 shares"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Amount beneficially owned: 60785782"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 60785782"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Company Act of 1940 regulatory

"investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 12:07 PM Learn about SEC filing dates

FAQ

What stake does Vanguard Capital Management report in PANW?

Vanguard reports beneficial ownership of 60,785,782 shares, equal to 7.44%. The filing lists these shares as of 03/31/2026 and states the holdings include securities held by Vanguard funds and managed accounts over which Vanguard exercises dispositive power.

How much voting power does Vanguard have over Palo Alto Networks shares?

Vanguard reports sole voting power for 8,020,126 shares. The filing also reports no shared voting power and sole dispositive power for 60,785,782 shares under the Schedule 13G disclosure.

Does the Schedule 13G filing indicate Vanguard is an active or passive holder of PANW?

The filing is a Schedule 13G-style disclosure consistent with passive reporting. It aggregates holdings across Vanguard business units and states the holdings include Vanguard funds and managed accounts; no active control or transaction plan is disclosed in the excerpt.

What entities are included in Vanguard's reported ownership for PANW?

The filing names Vanguard Capital Management LLC and affiliates including Vanguard Asset Management Limited and others. It states the total includes securities held by Vanguard funds and clients where those affiliates exercise dispositive or voting power.

What dates are relevant in this Schedule 13G filing for PANW?

The ownership is reported as of 03/31/2026 and the filing is signed on 04/30/2026. The ownership figures (60,785,782 shares and 7.44%) are tied to the March 31, 2026 reporting date shown in the document.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Palo Alto Networks Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

697435105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 697435105

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,020,126.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 60,785,782.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

60,785,782.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.44 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Palo Alto Networks Inc
(b)	Address of issuer's principal executive offices: 3000 Tannery Way, Santa Clara, CA, 95054
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 697435105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 60785782
(b)	Percent of class: 7.44 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8020126
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 60785782
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026