Cliff Asness's PANW Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 2.1 M shares of Palo Alto Networks, Inc. (PANW) worth $426.9 M, representing 0.27% of the portfolio. First purchased in 2013-Q4, this long-term strategic position has been held for 48 quarters.
Based on 13F filings since 2013, Cliff Asness has maintained a long-term strategic position in PANW, representing a significant commitment to this investment thesis. Largest addition occurred in Q2 2018, adding 1.42 M shares. Largest reduction occurred in Q4 2018, reducing 578,100 shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's Palo Alto Networks (PANW) Holding Value Over Time
Track share changes against reported price movement
Quarterly Palo Alto Networks (PANW) Trades by Cliff Asness
| Period | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2013 | +64,800 | New Buy | 64,800 | $9.58 |
| Q1 2014 | +42,000 | Add 64.81% | 106,800 | $11.43 |
| Q2 2014 | +178,200 | Add 166.85% | 285,000 | $13.98 |
| Q3 2014 | -83,400 | Reduce 29.26% | 201,600 | $16.35 |
| Q4 2014 | -69,000 | Reduce 34.23% | 132,600 | $20.43 |
| Q1 2015 | +31,800 | Add 23.98% | 164,400 | $24.35 |
| Q2 2015 | +7,284 | Add 4.43% | 171,684 | $29.12 |
| Q3 2015 | +64,884 | Add 37.79% | 236,568 | $28.67 |
| Q4 2015 | +534,576 | Add 225.97% | 771,144 | $29.36 |
| Q1 2016 | -545,148 | Reduce 70.69% | 225,996 | $27.19 |
| Q2 2016 | -82,866 | Reduce 36.67% | 143,130 | $20.44 |
| Q3 2016 | -20,760 | Reduce 14.50% | 122,370 | $26.56 |
| Q4 2016 | +43,512 | Add 35.56% | 165,882 | $20.84 |
| Q1 2017 | -31,230 | Reduce 18.83% | 134,652 | $18.78 |
| Q2 2017 | -19,956 | Reduce 14.82% | 114,696 | $22.30 |
| Q3 2017 | +15,360 | Add 13.39% | 130,056 | $24.02 |
| Q4 2017 | +2,268 | Add 1.74% | 132,324 | $24.16 |
| Q1 2018 | +21,468 | Add 16.22% | 153,792 | $30.26 |
| Q2 2018 | +1.42 M | Add 925.56% | 1.58 M | $34.24 |
| Q3 2018 | -329,718 | Reduce 20.90% | 1.25 M | $37.54 |
| Q4 2018 | -578,100 | Reduce 46.34% | 669,414 | $31.39 |
| Q1 2019 | +333,720 | Add 49.85% | 1 M | $40.48 |
| Q2 2019 | -316,596 | Reduce 31.56% | 686,538 | $33.96 |
| Q3 2019 | -527,814 | Reduce 76.88% | 158,724 | $33.97 |
| Q4 2019 | +87,900 | Add 55.38% | 246,624 | $38.54 |
| Q1 2020 | -144,798 | Reduce 58.71% | 101,826 | $27.33 |
| Q2 2020 | +38,046 | Add 37.36% | 139,872 | $38.09 |
| Q3 2020 | -85,518 | Reduce 61.14% | 54,354 | $40.79 |
| Q4 2020 | +16,542 | Add 30.43% | 70,896 | $59.23 |
| Q1 2021 | -2,658 | Reduce 3.75% | 68,238 | $53.62 |
| Q2 2021 | +37,926 | Add 55.58% | 106,164 | $61.84 |
| Q3 2021 | -73,734 | Reduce 69.45% | 32,430 | $79.34 |
| Q4 2021 | -5,880 | Reduce 18.13% | 26,550 | $92.81 |
| Q1 2022 | -15,720 | Reduce 59.21% | 10,830 | $103.79 |
| Q2 2022 | +6,114 | Add 56.45% | 16,944 | $80.68 |
| Q3 2022 | +4,998 | Add 29.50% | 21,942 | $81.90 |
| Q4 2022 | +1,142 | Add 5.20% | 23,084 | $69.36 |
| Q1 2023 | -11,348 | Reduce 49.16% | 11,736 | $98.46 |
| Q2 2023 | +27,356 | Add 233.09% | 39,092 | $127.07 |
| Q3 2023 | +79,634 | Add 203.71% | 118,726 | $117.22 |
| Q4 2023 | +224,870 | Add 189.40% | 343,596 | $147.44 |
| Q1 2024 | -110,002 | Reduce 32.01% | 233,594 | $142.06 |
| Q2 2024 | -102,416 | Reduce 43.84% | 131,178 | $169.51 |
| Q3 2024 | +349,132 | Add 266.15% | 480,310 | $169.83 |
| Q4 2024 | +524,762 | Add 109.25% | 1.01 M | $181.96 |
| Q1 2025 | +668,320 | Add 66.49% | 1.67 M | $167.41 |
| Q2 2025 | +279,257 | Add 16.69% | 1.95 M | $202.61 |
| Q3 2025 | +143,893 | Add 7.37% | 2.1 M | $203.62 |
Cliff Asness's Palo Alto Networks Investment FAQs
Cliff Asness first purchased Palo Alto Networks, Inc. (PANW) in Q4 2013, acquiring 64,800 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness has held Palo Alto Networks, Inc. (PANW) for 48 quarters since Q4 2013. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's largest addition to Palo Alto Networks, Inc. (PANW) was in Q2 2018, adding 1,577,232 shares worth $54.01 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
According to the latest 13F filing for Q3 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 2,096,542 shares of Palo Alto Networks, Inc. (PANW), valued at approximately $426.9 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
As of the Q3 2025 filing, Palo Alto Networks, Inc. (PANW) represents approximately 0.27% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's peak holding in Palo Alto Networks, Inc. (PANW) was 2,096,542 shares, as reported at the end of Q3 2025. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.