STOCK TITAN

[Form 4] Palo Alto Networks, Inc. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

Aware, Inc. (AWRE) – Form 4 insider transaction

Director Brian D. Connolly reported a single transaction dated July 1 2025 coded “M,” indicating the exercise of previously granted equity awards. Connolly acquired 25,671 common shares at a stated price of $0.00 per share, suggesting a cost-free option or restricted-stock conversion. Following the exercise, his directly held stake increased to 218,784 shares.

No shares were sold and no derivative positions remain disclosed in Table II, implying the move strictly augments Connolly’s long equity exposure. Insiders converting options without an immediate sale can be viewed as a moderate vote of confidence, although such exercises may also be linked to award expiration schedules.

Aware, Inc. (AWRE) – Transazione insider Form 4

Il direttore Brian D. Connolly ha riportato una singola transazione datata 1 luglio 2025 contrassegnata con il codice “M,” che indica l’esercizio di premi azionari precedentemente concessi. Connolly ha acquisito 25.671 azioni ordinarie a un prezzo dichiarato di $0,00 per azione, suggerendo un’opzione senza costi o una conversione di azioni vincolate. Dopo l’esercizio, la sua partecipazione direttamente detenuta è aumentata a 218.784 azioni.

Non sono state vendute azioni né risultano posizioni derivative dichiarate nella Tabella II, il che implica che l’operazione aumenta esclusivamente l’esposizione azionaria diretta di Connolly. L’esercizio di opzioni da parte degli insider senza una vendita immediata può essere interpretato come un moderato segnale di fiducia, anche se tali esercizi possono essere legati ai termini di scadenza dei premi.

Aware, Inc. (AWRE) – Transacción insider Formulario 4

El director Brian D. Connolly reportó una única transacción fechada el 1 de julio de 2025 con código “M,” que indica el ejercicio de premios de acciones previamente otorgados. Connolly adquirió 25,671 acciones ordinarias a un precio declarado de $0.00 por acción, lo que sugiere una opción sin costo o una conversión de acciones restringidas. Tras el ejercicio, su participación directamente poseída aumentó a 218,784 acciones.

No se vendieron acciones ni hay posiciones derivadas divulgadas en la Tabla II, lo que implica que la operación incrementa estrictamente la exposición directa de Connolly en acciones. Los insiders que convierten opciones sin una venta inmediata pueden ser vistos como un voto moderado de confianza, aunque dichos ejercicios también pueden estar vinculados a los calendarios de vencimiento de los premios.

Aware, Inc. (AWRE) – Form 4 내부자 거래

이사 Brian D. Connolly2025년 7월 1일자로 단일 거래를 신고했으며, 코드 “M”은 이전에 부여된 주식 보상 행사를 나타냅니다. Connolly는 주당 $0.00의 명시된 가격으로 25,671 보통주를 취득했으며, 이는 비용 없는 옵션 행사 또는 제한 주식 전환을 시사합니다. 행사 후 그의 직접 보유 지분은 218,784주로 증가했습니다.

주식은 매도되지 않았으며, 표 II에 파생상품 포지션이 공개되어 있지 않아 이번 거래가 Connolly의 장기 주식 보유를 순수하게 증가시킨 것으로 보입니다. 내부자가 즉시 매도 없이 옵션을 행사하는 것은 다소 신뢰의 표시로 볼 수 있지만, 이러한 행사는 보상 만료 일정과도 관련 있을 수 있습니다.

Aware, Inc. (AWRE) – Transaction d’initié Formulaire 4

Le directeur Brian D. Connolly a déclaré une seule transaction datée du 1er juillet 2025 codée « M », indiquant l’exercice d’attributions d’actions précédemment accordées. Connolly a acquis 25 671 actions ordinaires à un prix déclaré de 0,00 $ par action, ce qui suggère une option sans coût ou une conversion d’actions restreintes. Après l’exercice, sa participation directement détenue est passée à 218 784 actions.

Aucune action n’a été vendue et aucune position dérivée n’est divulguée dans le Tableau II, ce qui implique que cette opération augmente strictement l’exposition directe de Connolly aux actions. Les initiés qui exercent des options sans vente immédiate peuvent être considérés comme émettant un signe modéré de confiance, bien que ces exercices puissent également être liés aux calendriers d’expiration des attributions.

Aware, Inc. (AWRE) – Insider-Transaktion Form 4

Direktor Brian D. Connolly meldete eine einzelne Transaktion vom 1. Juli 2025 mit dem Code „M“, der die Ausübung zuvor gewährter Aktienprämien anzeigt. Connolly erwarb 25.671 Stammaktien zu einem angegebenen Preis von pro Aktie, was auf eine kostenfreie Option oder eine Umwandlung von Restricted Stocks hindeutet. Nach der Ausübung erhöhte sich sein direkt gehaltener Anteil auf 218.784 Aktien.

Es wurden keine Aktien verkauft und keine Derivatpositionen in Tabelle II offengelegt, was darauf hindeutet, dass die Transaktion Connollys langfristige Aktienexposure ausschließlich erhöht. Insider, die Optionen ohne sofortigen Verkauf ausüben, können als moderates Vertrauenssignal gewertet werden, auch wenn solche Ausübungen mit Ablaufplänen der Prämien zusammenhängen können.

Positive
  • Director increased direct ownership by 25,671 shares, raising total stake to 218,784 shares.
  • No shares were sold, suggesting confidence and eliminating immediate market supply.
Negative
  • None.

Insights

TL;DR: Director boosted direct ownership by 25.6k shares via option exercise; no sales, modestly positive signal.

The Form 4 shows Connolly exercised awards for 25,671 AWRE shares and retained the entire allotment, lifting his direct holding to 218,784 shares. The “M” code means the shares stem from option conversion rather than open-market purchase, so cash outlay is typically minimal. However, the absence of a concurrent sale removes near-term supply and can be interpreted as insider confidence. Position size (~11.7% increase vs. pre-transaction level) is not large enough to materially alter ownership structure or signal fundamental change, but it is directionally positive. Overall impact on valuation is limited yet favorable.

Aware, Inc. (AWRE) – Transazione insider Form 4

Il direttore Brian D. Connolly ha riportato una singola transazione datata 1 luglio 2025 contrassegnata con il codice “M,” che indica l’esercizio di premi azionari precedentemente concessi. Connolly ha acquisito 25.671 azioni ordinarie a un prezzo dichiarato di $0,00 per azione, suggerendo un’opzione senza costi o una conversione di azioni vincolate. Dopo l’esercizio, la sua partecipazione direttamente detenuta è aumentata a 218.784 azioni.

Non sono state vendute azioni né risultano posizioni derivative dichiarate nella Tabella II, il che implica che l’operazione aumenta esclusivamente l’esposizione azionaria diretta di Connolly. L’esercizio di opzioni da parte degli insider senza una vendita immediata può essere interpretato come un moderato segnale di fiducia, anche se tali esercizi possono essere legati ai termini di scadenza dei premi.

Aware, Inc. (AWRE) – Transacción insider Formulario 4

El director Brian D. Connolly reportó una única transacción fechada el 1 de julio de 2025 con código “M,” que indica el ejercicio de premios de acciones previamente otorgados. Connolly adquirió 25,671 acciones ordinarias a un precio declarado de $0.00 por acción, lo que sugiere una opción sin costo o una conversión de acciones restringidas. Tras el ejercicio, su participación directamente poseída aumentó a 218,784 acciones.

No se vendieron acciones ni hay posiciones derivadas divulgadas en la Tabla II, lo que implica que la operación incrementa estrictamente la exposición directa de Connolly en acciones. Los insiders que convierten opciones sin una venta inmediata pueden ser vistos como un voto moderado de confianza, aunque dichos ejercicios también pueden estar vinculados a los calendarios de vencimiento de los premios.

Aware, Inc. (AWRE) – Form 4 내부자 거래

이사 Brian D. Connolly2025년 7월 1일자로 단일 거래를 신고했으며, 코드 “M”은 이전에 부여된 주식 보상 행사를 나타냅니다. Connolly는 주당 $0.00의 명시된 가격으로 25,671 보통주를 취득했으며, 이는 비용 없는 옵션 행사 또는 제한 주식 전환을 시사합니다. 행사 후 그의 직접 보유 지분은 218,784주로 증가했습니다.

주식은 매도되지 않았으며, 표 II에 파생상품 포지션이 공개되어 있지 않아 이번 거래가 Connolly의 장기 주식 보유를 순수하게 증가시킨 것으로 보입니다. 내부자가 즉시 매도 없이 옵션을 행사하는 것은 다소 신뢰의 표시로 볼 수 있지만, 이러한 행사는 보상 만료 일정과도 관련 있을 수 있습니다.

Aware, Inc. (AWRE) – Transaction d’initié Formulaire 4

Le directeur Brian D. Connolly a déclaré une seule transaction datée du 1er juillet 2025 codée « M », indiquant l’exercice d’attributions d’actions précédemment accordées. Connolly a acquis 25 671 actions ordinaires à un prix déclaré de 0,00 $ par action, ce qui suggère une option sans coût ou une conversion d’actions restreintes. Après l’exercice, sa participation directement détenue est passée à 218 784 actions.

Aucune action n’a été vendue et aucune position dérivée n’est divulguée dans le Tableau II, ce qui implique que cette opération augmente strictement l’exposition directe de Connolly aux actions. Les initiés qui exercent des options sans vente immédiate peuvent être considérés comme émettant un signe modéré de confiance, bien que ces exercices puissent également être liés aux calendriers d’expiration des attributions.

Aware, Inc. (AWRE) – Insider-Transaktion Form 4

Direktor Brian D. Connolly meldete eine einzelne Transaktion vom 1. Juli 2025 mit dem Code „M“, der die Ausübung zuvor gewährter Aktienprämien anzeigt. Connolly erwarb 25.671 Stammaktien zu einem angegebenen Preis von pro Aktie, was auf eine kostenfreie Option oder eine Umwandlung von Restricted Stocks hindeutet. Nach der Ausübung erhöhte sich sein direkt gehaltener Anteil auf 218.784 Aktien.

Es wurden keine Aktien verkauft und keine Derivatpositionen in Tabelle II offengelegt, was darauf hindeutet, dass die Transaktion Connollys langfristige Aktienexposure ausschließlich erhöht. Insider, die Optionen ohne sofortigen Verkauf ausüben, können als moderates Vertrauenssignal gewertet werden, auch wenn solche Ausübungen mit Ablaufplänen der Prämien zusammenhängen können.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Paul Josh D.

(Last) (First) (Middle)
C/O PALO ALTO NETWORKS INC.
3000 TANNERY WAY

(Street)
SANTA CLARA CA 95054

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Palo Alto Networks Inc [ PANW ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Accounting Officer
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/01/2025 S(1) 600 D $204 41,433 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on October 1, 2024.
/s/ Elizabeth Villalobos, Attorney-in-Fact for Josh D. Paul 07/03/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Aware (AWRE) shares did Director Brian D. Connolly acquire?

He acquired 25,671 common shares through an option exercise.

What was the transaction date reported in the Form 4?

The transaction took place on July 1 2025.

Did the insider sell any Aware shares in this filing?

No; the filing reports an acquisition only, with no sales disclosed.

What is Connolly’s total direct ownership after the transaction?

He now directly owns 218,784 AWRE shares.

What does transaction code “M” signify on a Form 4?

Code “M” denotes the exercise or conversion of derivative securities (e.g., stock options) into common stock.
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