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Palo Alto Networks Form 4: CFO Disposes 5,000 Shares; Ownership 96,135

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Dipak Golechha, EVP and Chief Financial Officer of Palo Alto Networks (PANW), reported insider sales executed on 09/23/2025 under a Rule 10b5-1 trading plan adopted January 6, 2025. The filings show five separate dispositions totaling 5,000 shares sold at weighted average prices ranging roughly from $202.42 to $207.14 per share, with reported per-line weighted averages between $203.01 and $206.81. Following these sales, the filing shows the reporting person beneficially owns 96,135 shares. The Form 4 was signed by an attorney-in-fact on 09/24/2025.

Positive

  • Sales executed under a Rule 10b5-1 trading plan, indicating pre-established trades rather than ad hoc insider timing
  • Form 4 filed and signed (attorney-in-fact), demonstrating compliance with Section 16 reporting requirements
  • Weighted-average price ranges disclosed with offer to provide per-price details upon request

Negative

  • Insider disposed of 5,000 shares, reducing beneficial ownership to 96,135 shares
  • Multiple sales on the same date may attract investor attention despite being under a 10b5-1 plan

Insights

TL;DR: Insider sold 5,000 PANW shares via a pre-established 10b5-1 plan; ownership now 96,135 shares—routine disclosure, limited immediate company impact.

The sales totaling 5,000 shares were executed across five transactions on 09/23/2025 at weighted average prices reported between about $203 and $207 per share. The use of a 10b5-1 trading plan (adopted Jan 6, 2025) indicates these sales were pre-planned and likely not based on material nonpublic information. From an investor impact perspective, the absolute size (5,000 shares) and residual ownership (96,135 shares) are modest relative to large-cap free float, suggesting a neutral market-significance profile absent other disclosures.

TL;DR: Reporting follows standard Section 16 reporting and documents an attorney-in-fact signature; compliance signals proper governance processes.

The Form 4 identifies the reporting person as EVP and CFO and includes an attorney-in-fact signature, which is an accepted practice. The filing explicitly states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted January 6, 2025, and provides weighted average price ranges with commitments to supply per-price details upon request. This level of disclosure aligns with SEC reporting expectations for insider transactions.

Insider Golechha Dipak
Role EVP, Chief Financial Officer
Sold 5,000 shs ($1.02M)
Type Security Shares Price Value
Sale Common Stock 1,907 $203.007 $387K
Sale Common Stock 736 $203.879 $150K
Sale Common Stock 1,750 $204.785 $358K
Sale Common Stock 207 $206.063 $43K
Sale Common Stock 400 $206.81 $83K
Holdings After Transaction: Common Stock — 99,228 shares (Direct)
Footnotes (1)
  1. The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 6, 2025. This sale price represents the weighted average sale price of the shares sold ranging from $202.42 to $203.35 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 $203.42 to $204.41 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 $204.44 to $205.32 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 $205.57 to $206.29 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 $206.63 to $207.14 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.
Form 4 Insider Transactions: What Each Field Means →
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).
1. Name and Address of Reporting Person*
Golechha Dipak
(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)
EVP, Chief Financial Officer
3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025
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 09/23/2025 S(1) 1,907 D $203.007(2) 99,228 D
Common Stock 09/23/2025 S(1) 736 D $203.879(3) 98,492 D
Common Stock 09/23/2025 S(1) 1,750 D $204.785(4) 96,742 D
Common Stock 09/23/2025 S(1) 207 D $206.063(5) 96,535 D
Common Stock 09/23/2025 S(1) 400 D $206.81(6) 96,135 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 January 6, 2025.
2. This sale price represents the weighted average sale price of the shares sold ranging from $202.42 to $203.35 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.
3. This sale price represents the weighted average sale price of the shares sold ranging from $203.42 to $204.41 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 $204.44 to $205.32 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.
5. This sale price represents the weighted average sale price of the shares sold ranging from $205.57 to $206.29 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.
6. This sale price represents the weighted average sale price of the shares sold ranging from $206.63 to $207.14 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 09/24/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions did PANW insider Dipak Golechha report on Form 4?

The Form 4 reports five dispositions on 09/23/2025 totaling 5,000 shares sold under a Rule 10b5-1 plan.

How many PANW shares does Dipak Golechha beneficially own after these sales?

Following the reported transactions the filing shows 96,135 shares beneficially owned.

Were the sales part of a pre-established trading plan for PANW insider trades?

Yes. The filing states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted January 6, 2025.

What prices were the PANW shares sold at in the Form 4?

The filing reports weighted average sale prices in ranges from about $202.42 to $207.14 per share, with per-line weighted averages disclosed between $203.01 and $206.81.

Who signed the Form 4 for Dipak Golechha?

The Form 4 was signed by Elizabeth Villalobos, Attorney-in-Fact for Dipak Golechha on 09/24/2025.