Broker files Form 144 to sell 2,400 common shares

Morgan Stanley Smith Barney LLC submitted a notice under Form 144 relating to 2,400 common shares of Palo Alto Networks.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a notice under Form 144 relating to 2,400 common shares of Palo Alto Networks. The filing lists the securities as Restricted Stock Units with an effective date of 09/20/2024. The record also discloses prior 10b5-1 sales by Joshua Paul totaling 2,800 shares across 03/02/2026 and 04/01/2026.

Insights

Equity Capital Markets Lawyer

Form 144 notice records a brokered resale of 2,400 common shares and prior 10b5-1 sales.

The filing shows 2,400 shares identified as Restricted Stock Units with a reference date of 09/20/2024. It also lists two prior 10b5-1 dispositions by Joshua Paul: 1,700 shares on 03/02/2026 and 1,100 shares on 04/01/2026, with dollar amounts recorded.

These entries are procedural notifications of intended or completed resale activity under applicable resale rules; timing, placement method, and purchaser details are not included in the excerpt.

Key Figures

Shares in Form 144: 2,400 shares 10b5-1 sale on 03/02/2026: 1,700 shares 10b5-1 sale on 04/01/2026: 1,100 shares

3 metrics

Shares in Form 144 2,400 shares Registered/resale notice dated 09/20/2024

10b5-1 sale on 03/02/2026 1,700 shares Proceeds recorded as <money>$251,430</money>

10b5-1 sale on 04/01/2026 1,100 shares Proceeds recorded as <money>$177,540</money>

Key Terms

10b5-1, Restricted Stock Units, Form 144

3 terms

10b5-1 regulatory

"10b5-1 Sales for JOSHUA PAUL 3000 Tannery Way Santa Clara CA 95054"

A 10b5-1 plan is a pre-set schedule that lets company insiders buy or sell shares according to written instructions made when they do not possess material, nonpublic information. Think of it as a timed automatic payment for stock trades: it helps insiders avoid accusations of trading on secret information and gives outside investors a clearer signal about whether sales are routine or potentially informative about the company’s prospects.

Restricted Stock Units financial

"Common | 09/20/2024 | Restricted Stock Units | Issuer"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Form 144 regulatory

"Filer Information | Issuer Information | Securities Information"

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

FAQ

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

What does the Form 144 for PANW show?

The Form 144 lists a broker notice to sell 2,400 common shares. It identifies the shares as Restricted Stock Units with a reference date of 09/20/2024, and records prior 10b5-1 sales by Joshua Paul.

Who executed prior 10b5-1 sales listed in the filing?

The filing records prior 10b5-1 sales by Joshua Paul of 1,700 shares on 03/02/2026 and 1,100 shares on 04/01/2026. Dollar values for each sale are shown in the excerpt.

Are the amounts for prior sales disclosed in the Form 144?

Yes. The excerpt shows proceeds for the prior 10b5-1 transactions: $251,430 for the 03/02/2026 sale and $177,540 for the 04/01/2026 sale, as recorded in the filing.

Does the filing state how the 2,400 shares will be sold?

The excerpt names the broker and classifies the shares as Restricted Stock Units, but it does not specify the exact method of distribution, timing, or purchaser details in the provided content.

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

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Accepted by SEC EDGAR 05/20/2026 - 04:36 PM EDT Learn about SEC filing dates

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	0001882285
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	4087534000
Name of Person for Whose Account the Securities are To Be Sold	JOSHUA PAUL
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	Officer

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	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	2400	576312.00	816000000	05/20/2026	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	09/20/2024	Restricted Stock Units	Issuer			2400	09/20/2024	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
10b5-1 Sales for JOSHUA PAUL 3000 Tannery Way Santa Clara CA 95054	Common	04/01/2026	1100	177540.00
10b5-1 Sales for JOSHUA PAUL 3000 Tannery Way Santa Clara CA 95054	Common	03/02/2026	1700	251430.00

144: Remarks and Signature

Remarks	The securities to be sold were acquired upon the vesting of restricted stock units during the period of 09/20/2024 through 06/20/2025.
Date of Notice	05/20/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	09/17/2025
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/ Joshua Paul
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)