Palo Alto Networks (PANW) CFO sells 5,000 shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Palo Alto Networks executive vice president and chief financial officer Dipak Golechha sold a total of 5,000 shares of common stock in open-market transactions. The sales on April 1, 2026 occurred at prices of $157.81, $160.04, and $160.70 per share. After these trades, he directly owns 150,250 shares of Palo Alto Networks common stock. The filing notes that the transactions were executed under a pre-arranged Rule 10b5-1 trading plan, which generally indicates the sales were scheduled in advance rather than timed in response to immediate market events.

Insider Trade Summary 10b5-1

Net Seller: 5,000 shares ($802,077)

Net Sell 3 txns

Insider Golechha Dipak

Role EVP, Chief Financial Officer

Sold 5,000 shs ($802K)

Type	Security	Shares	Price	Value
Sale	Common Stock	200	$157.81	$32K
Sale	Common Stock	1,300	$160.039	$208K
Sale	Common Stock	3,500	$160.704	$562K

Holdings After Transaction: Common Stock — 155,050 shares (Direct)

Footnotes (1)

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 5, 2025. Includes shares acquired by the Reporting Person pursuant to the Issuer's Employee Stock Purchase Plan. This sale price represents the weighted average sale price of the shares sold ranging from $159.35 to $160.30 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 sold at each separate price within the range set forth in this Form 4. This sale price represents the weighted average sale price of the shares sold ranging from $160.35 to $161.22 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 sold at each separate price within the range set forth in this Form 4.

Key Figures

Shares sold: 5,000 shares Sale price 1: $157.81 per share Sale price 2: $160.039 per share +4 more

7 metrics

Shares sold 5,000 shares Total common stock sold in open-market transactions

Sale price 1 $157.81 per share Price for 200 shares of common stock

Sale price 2 $160.039 per share Price for 1,300 shares of common stock

Sale price 3 $160.704 per share Price for 3,500 shares of common stock

Shares held after trades 150,250 shares Direct common stock ownership after the transactions

Shares net sold 5,000 shares Net sell direction per transaction summary

10b5-1 plan adoption date December 5, 2025 Date CFO adopted Rule 10b5-1 trading plan

Key Terms

Rule 10b5-1 trading plan, weighted average sale price, Employee Stock Purchase Plan

3 terms

Rule 10b5-1 trading plan regulatory

"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average sale price financial

"This sale price represents the weighted average sale price of the shares sold"

Employee Stock Purchase Plan financial

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

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

Form 4 Insider Transactions: What Each Field Means →

04/03/2026 - 04:30 PM

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^*

Golechha Dipak

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/01/2026		S⁽¹⁾		200	D	$157.81	155,050⁽²⁾	D
Common Stock	04/01/2026		S⁽¹⁾		1,300	D	$160.039⁽³⁾	153,750	D
Common Stock	04/01/2026		S⁽¹⁾		3,500	D	$160.704⁽⁴⁾	150,250	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 5, 2025.

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

3. This sale price represents the weighted average sale price of the shares sold ranging from $159.35 to $160.30 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 sold at each separate price within the range set forth in this Form 4.

4. This sale price represents the weighted average sale price of the shares sold ranging from $160.35 to $161.22 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 sold at each separate price within the range set forth in this Form 4.

	/s/ Elizabeth Villalobos, Attorney-in-Fact for Dipak Golechha	04/03/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Palo Alto Networks (PANW) CFO Dipak Golechha do in this Form 4 filing?

CFO Dipak Golechha sold 5,000 shares of Palo Alto Networks common stock in open-market transactions. The trades were reported in a Form 4 insider filing and were executed under a pre-arranged Rule 10b5-1 trading plan adopted earlier.

How many Palo Alto Networks (PANW) shares did the CFO sell and at what prices?

Dipak Golechha sold 5,000 shares in three trades: 200 shares at $157.81, 1,300 shares at $160.04, and 3,500 shares at $160.70. These were open-market sales of Palo Alto Networks common stock on the same reported date.

How many Palo Alto Networks (PANW) shares does the CFO hold after these sales?

Following the reported transactions, CFO Dipak Golechha directly owns 150,250 shares of Palo Alto Networks common stock. This post-transaction figure comes from the Form 4 and reflects his remaining direct holdings after selling a total of 5,000 shares.

Were the Palo Alto Networks (PANW) CFO’s stock sales part of a trading plan?

Yes. The filing states the sales were effected under a Rule 10b5-1 trading plan adopted by Dipak Golechha on December 5, 2025. Such plans typically schedule trades in advance, helping separate routine diversification from discretionary timing decisions.

What does the Rule 10b5-1 trading plan mean for this Palo Alto Networks (PANW) insider sale?

A Rule 10b5-1 trading plan allows insiders to pre-arrange stock sales according to set instructions. For these Palo Alto Networks trades, it indicates Golechha’s 5,000-share sale was scheduled in advance, reducing the emphasis on short-term market timing or recent company developments.

Did the Palo Alto Networks (PANW) CFO’s Form 4 mention how sale prices were calculated?

Yes. Footnotes explain some reported prices are weighted average sale prices over ranges, such as $159.35 to $160.30 and $160.35 to $161.22. The filing notes that detailed breakdowns by individual price point are available upon request to interested parties.