(As of December 12, 2025 | Post Q2 FY2026 earnings and recent insider sales)
Current market capitalization: ≈ $132 billion (based on ~$198.50/share and 665 million shares outstanding)
Introduction
Palo Alto Networks, Inc. (NASDAQ: PANW), founded in 2005 by Nir Zuk in Santa Clara, California, is a leading cybersecurity firm offering next-generation firewalls, cloud security (Prisma), and AI-driven threat detection platforms like Cortex XDR. Public since 2012, it operates a single-class share structure (one vote per share), ensuring voting aligns with economic ownership. Institutions dominate (~80%), insiders ~0.9%, and retail ~19%. No majority holder exists, reflecting broad tech sector appeal. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes heavy insider sales (~$249M in Q4 2025, e.g., Director James Goetz sold 25K shares for $4.88M on Dec 8) and a completed multi-year buyback of 10.5M shares for $3.1B.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($132B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.85% | $13.0 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~65.3M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; added ~1.2M shares (+1.9%) in Q3 2025, core S&P 500 weighting (~6%). No direct control; focuses on cloud/AI security growth. |
| 2 | BlackRock Inc. | 8.37% | $11.0 billion | Holds ~55.4M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.9M shares (+1.6%) in Q3 2025; board observer on governance/ESG. Key in cybersecurity funds; PANW ~0.2% of portfolio. |
| 3 | Morgan Stanley | 4.41% | $5.8 billion | ~29.4M shares across asset management; index/active blend. Up ~1.5% in 2025; provides advisory for PANW's M&A (e.g., $25B CyberArk deal in Jul 2025). |
| 4 | State Street Corporation | 4.27% | $5.6 billion | Owns ~28.4M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and data privacy. ~3% of tech holdings; supports $3.1B buyback completion. |
| 5 | Bank of America Corp /DE/ | 2.50% | $3.3 billion | ~16.6M shares; strategic peer holding. Increased ~0.5% QoQ; synergies in enterprise security. |
| 6 | JPMorgan Chase & Co. | 2.00% | $2.6 billion | ~13.3M shares in asset management; index/active blend. Up ~1% in 2025; banking partner for PANW's $11B cash reserves. |
| 7 | Geode Capital Management, LLC | 1.80% | $2.4 billion | Fidelity affiliate with ~12.0M shares in index trackers; passive. Grew ~0.3% in Q3; tracks Nasdaq 100; minimal voting power. |
| 8 | FMR LLC (Fidelity) | 1.70% | $2.2 billion | ~11.3M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on NGS ARR ($5B+ milestone); advisory on AI ethics. |
| 9 | T. Rowe Price Associates Inc. | 1.50% | $2.0 billion | ~10.0M shares in growth funds (e.g., Blue Chip); trimmed ~1% on valuation but holds for 15% YoY revenue. Board input on R&D. |
| 10 | Nikesh Arora (CEO) | 0.41% | $0.5 billion | ~2.73M shares; largest active insider. Recent sales (~$170M in Sep 2025); oversees strategy since 2018; net worth tied to performance. |
Total Top 10 = ~36.81% | Remaining: Other Institutions (~43%), Other Insiders (~0.49%, e.g., Lee Klarich CTO at ~0.2%), Retail (~19%) | Grand Total = 100%
Conclusion
As of December 2025, Palo Alto Networks' ownership is institutionally anchored (~80% total) by passive leaders like Vanguard and BlackRock, providing stability for its $9.22B FY2025 revenue (up 7.6% YoY, 50% from subscriptions) and $1.5B net income (up 20% YoY), driven by AI megadeals and NGS ARR surpassing $5B. Insiders (~0.9% combined) like Arora reflect diversification amid expansions (e.g., Chronosphere acquisition), while retail's ~19% stake highlights cybersecurity demand. With $132B market cap (up 8% YoY) and $3.1B buyback completed, expect minor share reductions, institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2026 revenue of ~$10.5B (up 14%). This structure supports platform dominance, though rich valuation (120x P/E) and integration risks persist. For filings, visit SEC EDGAR or Palo Alto Networks' investor relations.