Palo Alto Networks trustee plans $187K stock sale

Palo Alto Networks, Inc. (PANW) received a Rule 144 notice indicating that an affiliate, The Bawa Family Trust with Aparna Bawa as trustee, plans to sell 500 shares of common stock through J.P.

Available on EDGAR 09/15/2026 - 06:32 PM EDT Accepted by SEC EDGAR 09/15/2026 - 06:31 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Palo Alto Networks, Inc. (PANW) received a Rule 144 notice indicating that an affiliate, The Bawa Family Trust with Aparna Bawa as trustee, plans to sell 500 shares of common stock through J.P. Morgan Securities LLC, with an aggregate market value of $186,970.

The shares to be sold were acquired by Aparna Bawa via restricted stock unit (RSU) awards from Palo Alto Networks on September 1, 2024 and September 1, 2025. The filing also lists several prior small Rule 144 sales by The Bawa Family Trust during the past three months.

Key Figures

Shares to be sold: 500 shares Aggregate market value of shares to be sold: $186,970 Shares outstanding: 818,000,000 shares +3 more

6 metrics

Shares to be sold 500 shares Common stock to be sold under Rule 144 by The Bawa Family Trust

Aggregate market value of shares to be sold $186,970 Stated market value for the 500 shares covered by the notice

Shares outstanding 818,000,000 shares Palo Alto Networks common shares outstanding as stated in the notice

Sale on September 14, 2026 540 shares for $201,746.70 One of several prior three-month sales by The Bawa Family Trust

Additional sale on September 14, 2026 460 shares for $171,858.30 Another prior sale listed for The Bawa Family Trust

Sale on June 29, 2026 632 shares for $201,355.05 Prior Rule 144 sale in the three-month history section

Key Terms

Rule 144, restricted stock unit (RSU) award, Aggregate Market Value, attorney-in-fact

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

restricted stock unit (RSU) award financial

"who acquired the shares via RSU award from the issuer"

Aggregate Market Value financial

"500 | 186970 | 818000000 | 09/15/2026"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

attorney-in-fact regulatory

"as agent and attorney-in-fact for Aparna Bawa"

An attorney-in-fact is the person or entity given legal authority through a power of attorney to act on behalf of another for specific tasks, such as signing documents, voting shares, or handling transactions. For investors, this matters because it lets a trusted representative make timely decisions or complete paperwork when the owner cannot, much like handing keys to someone to run errands on your behalf—so checks on scope and limits of that authority are important.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 filed for PANW disclose?

It discloses that The Bawa Family Trust, with Aparna Bawa as trustee, intends to sell 500 shares of Palo Alto Networks common stock under Rule 144 through J.P. Morgan Securities LLC, with an aggregate market value of $186,970 as stated in the notice.

How many Palo Alto Networks (PANW) shares are covered by this Form 144?

The notice covers 500 shares of PANW common stock to be sold. The filing states an aggregate market value of $186,970 for these shares and indicates that they will be sold on the Nasdaq through J.P. Morgan Securities LLC.

Who is selling the PANW shares in this Form 144 filing?

The seller is The Bawa Family Trust, with Aparna Bawa as trustee. The filing notes that Aparna Bawa acquired the shares via RSU awards from Palo Alto Networks on September 1, 2024 and September 1, 2025.

What prior Palo Alto Networks (PANW) share sales are reported in the past three months?

The filing lists several prior sales by The Bawa Family Trust, including 540 shares sold on September 14, 2026 for $201,746.70, 460 shares on the same date for $171,858.30, plus additional smaller sales in June and July 2026.

How many Palo Alto Networks (PANW) shares are outstanding according to the Form 144?

The Form 144 states that there are 818,000,000 shares of Palo Alto Networks common stock outstanding. This figure is provided as context for the Rule 144 sale of 500 shares by The Bawa Family Trust.

How were the PANW shares in this Form 144 acquired?

The shares were acquired by Aparna Bawa via RSU awards from Palo Alto Networks. The filing specifies RSU award dates of September 1, 2024 and September 1, 2025 as the sources of the shares to be sold.

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

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001773301
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Palo Alto Networks, Inc.
SEC File Number	001-35594
Address of Issuer	3000 Tannery Way Santa Clara CALIFORNIA 95054
Phone	408-753-4000
Name of Person for Whose Account the Securities are To Be Sold	Aparna Bawa
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Affiliate

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	J.P. Morgan Securities LLC 270 Park Avenue 10th Floor New York NY 10017	500	186970	818000000	09/15/2026	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/29/2025	Transfer	Aparna Bawa who acquired the shares via RSU award from the issuer on 09/01/25			28	09/29/2025	N/A
Common	09/29/2025	Transfer	Aparna Bawa who acquired the shares via RSU award from the issuer on 09/01/24			472	09/29/2025	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Bawa Family Trust Care of Palo Alto Networks, Inc. 3000 Tannery Way Santa Clara CA 95054	Common	09/14/2026	540	201746.7
Bawa Family Trust Care of Palo Alto Networks, Inc. 3000 Tannery Way Santa Clara CA 95054	Common	09/14/2026	460	171858.30
Bawa Family Trust Care of Palo Alto Networks, Inc. 3000 Tannery Way Santa Clara CA 95054	Common	06/22/2026	345	100086.54
Bawa Family Trust Care of Palo Alto Networks, Inc. 3000 Tannery Way Santa Clara CA 95054	Common	06/29/2026	632	201355.05
Bawa Family Trust Care of Palo Alto Networks, Inc. 3000 Tannery Way Santa Clara CA 95054	Common	07/01/2026	290	101115.11

144: Remarks and Signature

Remarks	The shares represented on this filing are being sold by The Bawa Family Trust, Aparna Bawa as Trustee.
Date of Notice	09/15/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ J.P. Morgan Securities LLC as agent and attorney-in-fact for Aparna Bawa
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)