Palo Alto Networks director plans $940K stock sale

Rhea-AI Filing Summary

Palo Alto Networks Inc (PANW) director John Key has filed a Rule 144 notice indicating an intention to sell up to 2,500 shares of Palo Alto Networks common stock through Morgan Stanley Smith Barney LLC, with an aggregate market value of $940,075, on or after September 14, 2026, on NASDAQ. These shares relate to several restricted stock grants with vesting or grant dates in 2024 and 2025. Shares of Palo Alto Networks common stock outstanding are stated as 818,000,000, which is a baseline figure, not the amount being sold.

Key Figures

Shares to be sold: 2,500 shares Aggregate market value: $940,075 Shares outstanding: 818,000,000 shares +5 more

8 metrics

Shares to be sold 2,500 shares Common stock planned for sale under Rule 144

Aggregate market value $940,075 Total market value of 2,500 shares to be sold

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

Restricted stock lot (Dec 1, 2024) 718 shares Restricted stock entry dated December 1, 2024

Restricted stock lot (Sep 1, 2024) 278 shares Restricted stock entry dated September 1, 2024

Restricted stock lot (Mar 1, 2025) 500 shares Restricted stock entry dated March 1, 2025

Restricted stock lots (Jun 1 and Sep 1, 2025) 502 shares each Restricted stock entries dated June 1, 2025 and September 1, 2025

Approximate date of sale September 14, 2026 Date listed for the contemplated Rule 144 sale

Key Terms

Rule 144, Restricted Stock, aggregate market value, securities to be sold, +1 more

5 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 financial

"Common | 12/01/2024 | Restricted Stock | Issuer |"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

aggregate market value financial

"Common | Morgan Stanley Smith Barney LLC ... | 2500 | 940075.00 |"

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.

securities to be sold financial

"Name of Person for Whose Account the Securities are To Be Sold | JOHN KEY"

Intentional misstatements regulatory

"ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations"

FAQ

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

What does the Form 144 filing disclose for Palo Alto Networks (PANW)?

It discloses that director John Key intends to sell up to 2,500 shares of Palo Alto Networks common stock under Rule 144, through Morgan Stanley Smith Barney LLC, with an aggregate market value of $940,075, with an approximate sale date of September 14, 2026.

How many Palo Alto Networks (PANW) shares are planned to be sold under this notice?

The notice states an intention to sell up to 2,500 shares of Palo Alto Networks common stock. This figure appears in the securities information section as the number of shares to be sold in the contemplated Rule 144 transaction.

What is the aggregate market value of the PANW shares in this Form 144?

The aggregate market value of the shares covered by the notice is listed as $940,075.00. This amount corresponds to the proposed sale of 2,500 shares of Palo Alto Networks common stock under Rule 144.

Who is the insider and what is their role at Palo Alto Networks (PANW)?

The person for whose account the securities are to be sold is John Key, identified in the notice as a Director of Palo Alto Networks Inc. The Rule 144 notice relates to his holdings of Palo Alto Networks common stock.

What types of PANW securities are covered and when were they granted?

The notice covers restricted stock in Palo Alto Networks common stock, with entries dated December 1, 2024 (718 shares), September 1, 2024 (278 shares), March 1, 2025 (500 shares), June 1, 2025 (502 shares), and September 1, 2025 (502 shares).

How many Palo Alto Networks (PANW) shares are reported as outstanding in this notice?

The securities information section lists 818,000,000 shares of Palo Alto Networks common stock as outstanding. This is a contextual outstanding-share figure and is not the amount being sold under the Rule 144 notice.

On which market and through which broker are the PANW shares expected to be sold?

The notice states that the Palo Alto Networks common shares are expected to be sold on NASDAQ through Morgan Stanley Smith Barney LLC Executive Financial Services, located at 1 New York Plaza, New York.

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

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Available on EDGAR 09/14/2026 - 05:41 PM Accepted by SEC EDGAR 09/14/2026 - 05:41 PM 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	0001772458
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	JOHN KEY
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	Director

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	2500	940075.00	818000000	09/14/2026	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	12/01/2024	Restricted Stock	Issuer			718	12/01/2024	Not Applicable
Common	09/01/2024	Restricted Stock	Issuer			278	09/01/2024	Not Applicable
Common	06/01/2025	Restricted Stock	Issuer			502	06/01/2025	Not Applicable
Common	09/01/2025	Restricted Stock	Issuer			502	09/01/2025	Not Applicable
Common	03/01/2025	Restricted Stock	Issuer			500	03/01/2025	Not Applicable

* 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

Nothing to Report

144: Remarks and Signature

Remarks
Date of Notice	09/14/2026
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/ John Phillip Key
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)