Palo Alto Networks (NASDAQ: PANW) CAO sells 400 shares under 10b5-1 plan

Rhea-AI Filing Summary

Palo Alto Networks Inc Chief Accounting Officer Josh D. Paul sold 400 shares of Common Stock in an open‑market transaction on May 20, 2026 at $236.95 per share. The sale was executed under a pre‑arranged Rule 10b5‑1 trading plan. After this trade, he directly holds 82,736 shares, so the transaction represents only a small portion of his overall stake.

Insider Trade Summary 10b5-1

Net Seller: 400 shares ($94,780)

Net Sell 1 txn

Insider Paul Josh D.

Role Chief Accounting Officer

Sold 400 shs ($95K)

Type	Security	Shares	Price	Value
Sale	Common Stock	400	$236.95	$95K

Holdings After Transaction: Common Stock — 82,736 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares sold: 400 shares Sale price: $236.95 per share Shares held after transaction: 82,736 shares +2 more

5 metrics

Shares sold 400 shares Open-market sale of Common Stock on May 20, 2026

Sale price $236.95 per share Price for 400 sold shares on May 20, 2026

Shares held after transaction 82,736 shares Direct ownership following the May 20, 2026 sale

Total shares sold in filing 400 shares transactionSummary sellShares

Net buy/sell shares -400 shares Net-sell direction in transactionSummary

Key Terms

Rule 10b5-1 trading plan, open-market sale, Common Stock, net-sell direction

4 terms

Rule 10b5-1 trading plan regulatory

"The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person"

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.

open-market sale financial

"transaction_action: "open-market sale" with code "S""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Common Stock financial

"security_title: "Common Stock" in the reported transaction"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

net-sell direction financial

"transactionSummary shows netBuySellDirection as "net-sell""

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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).

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^*

Paul Josh D.

(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)
	Chief Accounting Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/20/2026		S(1)		400	D	$236.95	82,736	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 September 17, 2025.

	/s/ Sarah Tian, Attorney-in-Fact for Josh D. Paul	05/22/2026
	** 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)

FAQ

What did Palo Alto Networks (PANW) insider Josh D. Paul report on this Form 4?

Josh D. Paul, Chief Accounting Officer of Palo Alto Networks, reported selling 400 shares of Common Stock. The sale occurred on May 20, 2026 at $236.95 per share in an open‑market transaction, and was executed under a pre‑arranged Rule 10b5‑1 trading plan.

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

The Chief Accounting Officer sold 400 shares of Palo Alto Networks Common Stock at $236.95 per share. This was recorded as an open‑market sale and is coded as a standard “S” transaction, indicating a sale in the market or a private transaction.

How many Palo Alto Networks (PANW) shares does Josh D. Paul hold after the reported sale?

After the reported transaction, Josh D. Paul directly holds 82,736 shares of Palo Alto Networks Common Stock. This post‑transaction balance shows that the 400‑share sale is small relative to his remaining direct ownership position in the company.

Was the Palo Alto Networks (PANW) insider sale made under a Rule 10b5-1 plan?

Yes. The footnote states the sale was effected under a Rule 10b5‑1 trading plan adopted by the reporting person on September 17, 2025. Such plans allow insiders to schedule trades in advance, reducing the significance of trade timing as a signal.

What does the transaction summary show for this Palo Alto Networks (PANW) Form 4 filing?

The transaction summary shows one sale transaction totaling 400 shares, with net buy/sell shares of -400 and a net‑sell direction. There were no option exercises, gifts, tax‑withholding dispositions, or derivative security transactions reported in this filing.