PANW CFO Offloads 5,000 Shares as Cybersecurity Stock Trades Near $200

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Palo Alto Networks (PANW) EVP and Chief Financial Officer Dipak Golechha executed a series of planned stock sales on June 23, 2025, disposing of a total of 5,000 shares through multiple transactions at varying price points.

The transactions were conducted under a pre-established Rule 10b5-1 trading plan adopted on January 6, 2025. The sales occurred at weighted average prices ranging from $197.89 to $203.76 per share, with the following breakdown:

300 shares at $197.89
700 shares at $200.03
701 shares at $201.02
1,271 shares at $201.93
1,709 shares at $203.21
319 shares at $203.76

Following these transactions, Golechha continues to hold 101,135 shares directly. The sales were executed in compliance with SEC regulations and disclosed through proper documentation signed by an attorney-in-fact.

Insider Trade Summary

Net Seller: 5,000 shares ($1,009,244)

Net Sell 6 txns

Insider Golechha Dipak

Role EVP, Chief Financial Officer

Sold 5,000 shs ($1.01M)

Type	Security	Shares	Price	Value
Sale	Common Stock	300	$197.89	$59K
Sale	Common Stock	700	$200.032	$140K
Sale	Common Stock	701	$201.018	$141K
Sale	Common Stock	1,271	$201.929	$257K
Sale	Common Stock	1,709	$203.212	$347K
Sale	Common Stock	319	$203.76	$65K

Holdings After Transaction: Common Stock — 105,835 shares (Direct)

Footnotes (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 $197.60 to $198.12 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 $199.50 to $200.48 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 $200.55 to $201.51 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 $201.55 to $202.21 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 $202.59 to $203.52 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 $203.66 to $203.86 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 →

06/24/2025 - 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

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)
06/23/2025

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)
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	06/23/2025		S⁽¹⁾		300	D	$197.89⁽²⁾	105,835	D
Common Stock	06/23/2025		S⁽¹⁾		700	D	$200.032⁽³⁾	105,135	D
Common Stock	06/23/2025		S⁽¹⁾		701	D	$201.018⁽⁴⁾	104,434	D
Common Stock	06/23/2025		S⁽¹⁾		1,271	D	$201.929⁽⁵⁾	103,163	D
Common Stock	06/23/2025		S⁽¹⁾		1,709	D	$203.212⁽⁶⁾	101,454	D
Common Stock	06/23/2025		S⁽¹⁾		319	D	$203.76⁽⁷⁾	101,135	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)
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 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 $197.60 to $198.12 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 $199.50 to $200.48 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 $200.55 to $201.51 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 $201.55 to $202.21 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 $202.59 to $203.52 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.

7. This sale price represents the weighted average sale price of the shares sold ranging from $203.66 to $203.86 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	06/24/2025
	** 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

How many PANW shares did CFO Dipak Golechha sell on June 23, 2025?

CFO Dipak Golechha sold a total of 5,000 shares of Palo Alto Networks (PANW) common stock on June 23, 2025, through multiple transactions at different price points. The transactions included: 300 shares at $197.89, 700 shares at $200.032, 701 shares at $201.018, 1,271 shares at $201.929, 1,709 shares at $203.212, and 319 shares at $203.76.

What is the price range of PANW shares sold by the CFO in this Form 4?

The shares were sold at prices ranging from $197.60 to $203.86 per share, with weighted average sale prices varying across six different transaction blocks. The lowest weighted average price was $197.89 and the highest weighted average price was $203.76.

How many PANW shares does CFO Dipak Golechha own after these transactions?

Following the reported transactions, CFO Dipak Golechha beneficially owns 101,135 shares of Palo Alto Networks (PANW) common stock directly (Form D).

Was this PANW insider sale part of a pre-planned trading arrangement?

Yes, the sale was executed pursuant to a Rule 10b5-1 trading plan that was adopted by Dipak Golechha on January 6, 2025. This is confirmed in footnote 1 of the Form 4 filing.