PALO ALTO NETWORKS, INC
In the published model solve dated 2026-Q2, anchored at $396.49, PALO ALTO NETWORKS, INC (PANW) is priced for today's economics sustained for ~27.5 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 18, 2026 from SEC EDGAR filings.
• Palo Alto Networks sells its security as a subscription, not a box: of $9.22 billion in fiscal 2025 revenue, $7.42 billion (80.5%) came from subscription and support, and that recurring base carried a 73.4% gross margin ⟦"Total gross profit 6,769.9 73.4 %"⟧. • The price is the risk. Today's quote pays roughly 316 times company-wide operating income, a level that requires growth to hold near its self-funding ceiling for more than two decades, and no standard valuation method reaches it. • The n
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2,397 institutional managers reported holding PANW in 13F filings for the quarter ended 2026-03-31. Together they hold about 86% of the company; the top 10 hold 43%. 205 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 22.5M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (2.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
PANW's share count grew 37.8% over the past five years even with $3.08B spent on repurchases. It pays no dividend. Cash returned over the past three years: $1.57B in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at PANW over the trailing three years: 2023: 1 buy totaling $2k; 2024: 1 buy totaling $2k; 2026: 2 buys totaling $10.00M. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
PANW's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-25 | +6.3% | +17.9% |
| 2023-09-02 | +1.0% | +0.3% |
| 2023-11-18 | +2.2% | +36.4% |
| 2024-02-22 | -28.5% | +7.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
PANW's latest 8-K filings: 2026-09-01 (items 2.02, 9.01); 2026-08-21 (items 5.02, 5.03, 9.01); 2026-06-02 (items 2.02, 9.01); 2026-04-13 (items 1.01, 2.03, 9.01); 2026-03-23 (items 8.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 18, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.