State of Michigan Retirement System 13F: Cuts PANW Stake by $9.3M

On October 27, 2026, the State of Michigan Retirement System trimmed its stake in Palo Alto Networks, Inc. (PANW) by 23,300 shares, leaving it with 220,739 shares worth about $87.7 million. This information comes from the fund's latest Form 13F filing with the SEC.

The State of Michigan Retirement System's reduction in shares represents a 9.5% decrease in its position. The total reported value of the fund's investment in Palo Alto is approximately $87 million, making it the 26th largest position in its portfolio, which includes 966 holdings.

PANW Palo Alto Networks, Inc.

$401.70 ▲ +123.95% year to date

1M 3M YTD

Daily close · Oct 27, 2026

Where Palo Alto Networks Fits in State of Michigan Retirement System's Portfolio

Palo Alto Networks accounts for 0.8% of the State of Michigan Retirement System's total reported 13F value. The fund's stake ranks 26th among its holdings, reflecting a significant investment despite the recent reduction.

Palo Alto Networks, Inc. Stock Up 5.6%

Palo Alto Networks shares closed at $401.70 on October 27, 2026, and recently traded around $401.71 as of October 28, 2026. The stock is currently above its 50-day moving average by about 8.4% and well above its 200-day average by 51.1%, indicating strong performance.

Recent Earnings

For the year ending September 30, 2026, Palo Alto Networks reported trailing twelve-month revenue of about $11.5 billion with a year-over-year revenue growth of 34.5%. The next earnings report is scheduled for November 19, 2026.

Insider Buying and Selling at Palo Alto Networks, Inc.

Several insiders sold shares recently, with Director James Joseph Goetz selling 20,000 shares on September 17, 2026, and CFO Dipak Golechha selling 27,500 shares on September 24, 2026. These transactions occurred before the recent 13F filing.

Analysts Set New Price Targets

On September 28, 2026, BTIG maintained a "Buy" rating on Palo Alto Networks with a price target of $425. TD Cowen also maintained a "Buy" rating with a target of $440 on October 2, 2026. The consensus recommendation remains a "Buy" with a mean price target of $398.52.

About Palo Alto Networks

Palo Alto Networks, Inc. provides cybersecurity solutions globally, including secure access services and network security management. Its offerings are crucial as organizations increasingly focus on protecting their digital infrastructures.

Bottom Line

The State of Michigan Retirement System's recent trim in Palo Alto Networks shares highlights its active management strategy in its portfolio. Investors should watch for the upcoming earnings report on November 19, 2026, and any further filings from the fund.