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  4. [Form 4] Palo Alto Networks, Inc. Insider Trading Activity

Palo Alto Networks (PANW) CTO sells 100,000 shares under 10b5-1 plan

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

Rhea-AI Filing Summary

Nir Zuk, EVP and Chief Technology Officer of Palo Alto Networks Inc, reported open-market sales of 100,000 shares of common stock on August 1, 2025, at prices between $169.11 and $175.63 per share. The sales were effected under a Rule 10b5-1 trading plan adopted on January 9, 2025. Following these transactions, he directly holds 3,143,516 shares of Palo Alto Networks common stock.

Positive

  • None.

Negative

  • None.

Insights

TL;DR Insider sold 100,000 PANW shares under a prearranged 10b5-1 plan; disclosure provides tranche-level weighted-average prices.

The Form 4 documents routine, preplanned disposals by a senior executive and director totaling 100,000 shares executed on 08/01/2025. The filing lists weighted-average price ranges for each tranche (approximately $168.44–$175.89), and shows the reporting person retains 3,143,516 shares after the transactions. From an analytic perspective, the filing is a clear compliance disclosure of sales rather than a new operational or financial development; the material data points for investors are the quantity sold and the price bands reported.

TL;DR Sales were executed under a documented 10b5-1 plan adopted January 9, 2025, and were fully disclosed on Form 4.

The disclosure identifies the reporting person as both a director and an officer and confirms the trades were effected pursuant to a 10b5-1 plan, which establishes an affirmative defense for prearranged trades. The Form 4 provides tranche-specific weighted-average sale price ranges and post-sale beneficial ownership figures, enabling transparency about the insider’s executed dispositions. No derivative positions are reported, simplifying the governance assessment.

Insider ZUK NIR
Role EVP, Chief Technology Officer
Sold 100,000 shs ($17.28M)
Type Security Shares Price Value
Sale Common Stock 7,700 $169.112 $1.30M
Sale Common Stock 5,923 $169.79 $1.01M
Sale Common Stock 7,410 $170.959 $1.27M
Sale Common Stock 8,867 $172.059 $1.53M
Sale Common Stock 31,347 $172.954 $5.42M
Sale Common Stock 21,553 $173.87 $3.75M
Sale Common Stock 13,800 $174.929 $2.41M
Sale Common Stock 3,400 $175.629 $597K
Holdings After Transaction: Common Stock — 3,143,516 shares (Direct)
Footnotes (9)
  1. F1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 9, 2025.
  2. F2. This sale price represents the weighted average sale price of the shares sold ranging from $168.44 to $169.42 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. F3. This sale price represents the weighted average sale price of the shares sold ranging from $169.44 to $169.97 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. F4. This sale price represents the weighted average sale price of the shares sold ranging from $170.44 to $171.42 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. F5. This sale price represents the weighted average sale price of the shares sold ranging from $171.44 to $172.43 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. F6. This sale price represents the weighted average sale price of the shares sold ranging from $172.44 to $173.43 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. F7. This sale price represents the weighted average sale price of the shares sold ranging from $173.44 to $174.41 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.
  8. F8. This sale price represents the weighted average sale price of the shares sold ranging from $174.44 to $175.42 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.
  9. F9. This sale price represents the weighted average sale price of the shares sold ranging from $175.44 to $175.89 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.
Shares sold 100,000 shares Total Palo Alto Networks common shares sold by Nir Zuk on August 1, 2025
Lowest sale price $169.1120 per share Lowest reported sale price for the August 1, 2025 transactions
Highest sale price $175.6290 per share Highest reported sale price for the August 1, 2025 transactions
Post-transaction holdings 3,143,516 shares Direct holdings of Palo Alto Networks common stock by Nir Zuk after the reported sales
Number of transactions 8 sales Non-derivative open-market or private sale transactions reported for August 1, 2025
Rule 10b5-1 plan adoption date January 9, 2025 Date Nir Zuk adopted the Rule 10b5-1 trading plan used for these sales
Rule 10b5-1 trading plan regulatory
"The sales 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"
open market or private transaction market
"Sale in open market or private transaction"
Form 4 regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider stock sale did PANW report for Nir Zuk?
Nir Zuk sold 100,000 Palo Alto Networks (PANW) shares. The EVP and Chief Technology Officer reported open-market sales of common stock on August 1, 2025, across multiple transactions, all disclosed in a Form 4 insider filing.

At what prices were the PANW shares sold by Nir Zuk?
The reported sale prices ranged from $169.11 to $175.63 per share. Multiple open-market transactions in Palo Alto Networks common stock on August 1, 2025 were executed within this price band, according to the Form 4 data.

How many Palo Alto Networks (PANW) shares does Nir Zuk hold after this sale?
Nir Zuk now directly holds 3,143,516 shares. This post-transaction balance reflects his remaining Palo Alto Networks common stock ownership after the reported 100,000-share sale on August 1, 2025.

Were Nir Zuk’s PANW share sales made under a Rule 10b5-1 plan?
Yes, the sales were made under a Rule 10b5-1 trading plan. Footnote disclosure states that the transactions were effected pursuant to a plan adopted by Nir Zuk on January 9, 2025, providing for pre-arranged trading instructions.

How many separate transactions did the PANW Form 4 report for Nir Zuk?
The Form 4 reports eight separate sale transactions. Each transaction involves Palo Alto Networks common stock sold on August 1, 2025, classified as non-derivative open-market or private sale transactions in the filing data.
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).
X
 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*
ZUK NIR
(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)
X Director 10% Owner
X Officer (give title below) Other (specify below)
EVP, Chief Technology Officer
3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025
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 08/01/2025 S(1) 7,700 D $169.112(2) 3,235,816 D
Common Stock 08/01/2025 S(1) 5,923 D $169.79(3) 3,229,893 D
Common Stock 08/01/2025 S(1) 7,410 D $170.959(4) 3,222,483 D
Common Stock 08/01/2025 S(1) 8,867 D $172.059(5) 3,213,616 D
Common Stock 08/01/2025 S(1) 31,347 D $172.954(6) 3,182,269 D
Common Stock 08/01/2025 S(1) 21,553 D $173.87(7) 3,160,716 D
Common Stock 08/01/2025 S(1) 13,800 D $174.929(8) 3,146,916 D
Common Stock 08/01/2025 S(1) 3,400 D $175.629(9) 3,143,516 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 sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 9, 2025.
2. This sale price represents the weighted average sale price of the shares sold ranging from $168.44 to $169.42 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 $169.44 to $169.97 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 $170.44 to $171.42 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 $171.44 to $172.43 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 $172.44 to $173.43 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 $173.44 to $174.41 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.
8. This sale price represents the weighted average sale price of the shares sold ranging from $174.44 to $175.42 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.
9. This sale price represents the weighted average sale price of the shares sold ranging from $175.44 to $175.89 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 Nir Zuk 08/05/2025
** 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