Palo Alto Networks CAO Sells 700 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Josh D. Paul, Chief Accounting Officer of Palo Alto Networks Inc (PANW), reported the sale of 700 shares of the issuer's common stock on 10/01/2025 at a price of $202.16 per share. After the transaction he beneficially owns 32,474 shares. The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan that the reporting person adopted on 10/01/2024. The Form 4 was signed and filed via attorney-in-fact Elizabeth Villalobos on 10/02/2025.

Positive

• Sale executed under a Rule 10b5-1 trading plan, indicating pre-scheduled trading
• Reporting person retains 32,474 shares, maintaining meaningful ownership after the sale

Negative

• Insider disposed of 700 shares, a reduction in direct holdings
• Transaction price $202.16 realized on the sale

Insights

Corporate Governance & Insider Transactions Specialist

TL;DR: Sale was executed under a pre-established 10b5-1 plan; post-sale ownership remains significant.

The report shows a 700-share sale at $202.16 on 10/01/2025 under a Rule 10b5-1 trading plan adopted on 10/01/2024. Using a pre-set plan generally indicates the trade was pre-scheduled and not based on contemporaneous, undisclosed company information.

After the sale the officer retains 32,474 shares, which preserves continued alignment with shareholders. The filing was executed by an attorney-in-fact and dated 10/02/2025, consistent with routine Form 4 procedures.

Insider Trade Summary

Net Seller: 700 shares ($141,512)

Net Sell 1 txn

Insider Paul Josh D.

Role Chief Accounting Officer

Sold 700 shs ($142K)

Type	Security	Shares	Price	Value
Sale	Common Stock	700	$202.16	$142K

Holdings After Transaction: Common Stock — 32,474 shares (Direct)

Footnotes (1)

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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^*

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)
10/01/2025

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	10/01/2025		S(1)		700	D	$202.16	32,474	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	10/02/2025
	** 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

What did PANW insider Josh D. Paul report on Form 4?

The filing reports that Josh D. Paul, Chief Accounting Officer, sold 700 shares of PANW on 10/01/2025 at $202.16 per share.

Was the PANW sale by Josh D. Paul part of a trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 10/01/2024.

How many PANW shares does Josh D. Paul own after the reported transaction?

Following the transaction the reporting person beneficially owns 32,474 shares.

When was the Form 4 for this PANW transaction filed and signed?

The Form 4 shows a signature by attorney-in-fact Elizabeth Villalobos dated 10/02/2025.

What price did Josh D. Paul receive for the PANW shares sold?

The reported sale price was $202.16 per share for the 700 shares disposed.