Palo Alto Networks (PANW) CEO Nikesh Arora boosts stake with 68K-share buy

Rhea-AI Filing Summary

Palo Alto Networks Chief Executive Officer Nikesh Arora reported open‑market purchases of 68,085 shares of Common Stock on March 27, 2026. The purchases were executed in two trades of 67,985 shares at $146.874 per share and 100 shares at $147.480 per share.

Following these transactions, Arora directly holds 343,394 shares. He also has indirect ownership of 32,010 shares held by Bacchey Investments L.P., for which he serves as manager of the general partner’s LLC and trustee of its sole member trust, and 726,542 shares held by the Nikesh Arora 2025 Annuity Trust, where he is trustee. Some of the reported holdings include shares previously acquired through the company’s Employee Stock Purchase Plan.

Insights

Equity analyst

CEO Nikesh Arora made a sizable open‑market share purchase, increasing his direct stake.

The filing shows Nikesh Arora, CEO of Palo Alto Networks, buying 68,085 shares of Common Stock in open‑market transactions on March 27, 2026, at prices around $146.87–$147.48 per share. Open‑market purchases are discretionary and typically reflect a deliberate decision to add exposure.

After these trades, he directly owns 343,394 shares, plus substantial indirect holdings: 32,010 shares through Bacchey Investments L.P. and 726,542 shares in the Nikesh Arora 2025 Annuity Trust, both entities where he serves as trustee or manager. The scale of the purchase, relative to his existing holdings, suggests a meaningful but not transformational increase in his position.

The filing notes that some shares were acquired under the Employee Stock Purchase Plan, indicating ongoing participation in company equity programs. There is no reference to a Rule 10b5‑1 trading plan in the provided excerpt, so these buys appear discretionary rather than pre‑scheduled, which may carry more informational weight for investors assessing insider sentiment.

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).

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^*

Arora Nikesh

(Last) (First) (Middle)

C/O PALO ALTO NETWORKS INC.

3000 TANNERY WAY

(Street)

SANTA CLARA CALIFORNIA 95054

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Palo Alto Networks Inc [ PANW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/27/2026		P		67,985	A	$146.874(1)	343,294(2)	D
Common Stock	03/27/2026		P		100	A	$147.48	343,394	D
Common Stock								32,010	I	See footnote(3)
Common Stock								726,542	I	See footnote(4)

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. This purchase price represents the weighted average purchase price of the shares purchased ranging from $146.46 to $147.455 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares purchased at each separate price within the range set forth in this Form 4.

2. Includes shares acquired by the Reporting Person pursuant to the Issuer's Employee Stock Purchase Plan.

3. Shares are held by Bacchey Investments L.P., of which Bacchey Management LLC (the "LLC") is the General Partner. The Reporting Person is the manager of the LLC. The sole member of the LLC is the Aurora Trust, for which the Reporting Person serves as a trustee.

4. Shares are held by the Nikesh Arora 2025 Annuity Trust, for which the Reporting Person serves as trustee.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora	03/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Palo Alto Networks (PANW) CEO Nikesh Arora do in this Form 4 filing?

Nikesh Arora reported buying 68,085 shares of Palo Alto Networks common stock in open‑market trades. The purchases occurred on March 27, 2026, at prices around $146.87–$147.48 per share, increasing his direct ownership to 343,394 shares following the transactions.

How many Palo Alto Networks (PANW) shares does Nikesh Arora own after these transactions?

After the reported trades, Arora directly owns 343,394 shares of Palo Alto Networks. He also has indirect holdings of 32,010 shares through Bacchey Investments L.P. and 726,542 shares through the Nikesh Arora 2025 Annuity Trust, where he serves in oversight roles.

At what prices did Nikesh Arora buy Palo Alto Networks (PANW) shares?

Arora bought 67,985 shares at $146.874 and 100 shares at $147.480 per share. The filing also cites a weighted average purchase range from $146.46 to $147.455, and offers to provide detailed trade‑by‑trade pricing information upon request to interested parties.

Are Nikesh Arora’s indirect Palo Alto Networks (PANW) holdings included in this Form 4?

Yes, the Form 4 lists indirect holdings alongside his direct position. These include 32,010 shares held by Bacchey Investments L.P. and 726,542 shares held by the Nikesh Arora 2025 Annuity Trust, with Arora serving as manager or trustee for these entities.

Does the Palo Alto Networks (PANW) Form 4 mention shares from an Employee Stock Purchase Plan?

The filing notes that Arora’s reported holdings include shares acquired under Palo Alto Networks’ Employee Stock Purchase Plan. This indicates he participates in the company’s employee equity purchase program in addition to making discretionary open‑market share purchases.