GOETZ JAMES J 4

What Happened

• James J. Goetz, a director of Palo Alto Networks (PANW), sold a total of 20,000 shares in open-market transactions on June 12, 2026, generating proceeds of approximately $5,597,911. The individual lots reported were:
  • 1,400 shares at a weighted average $277.89 (≈ $389,040)
  • 4,800 shares at a weighted average $278.89 (≈ $1,338,660)
  • 7,114 shares at a weighted average $279.88 (≈ $1,991,069)
  • 5,193 shares at a weighted average $280.89 (≈ $1,458,649)
  • 1,493 shares at a weighted average $281.64 (≈ $420,493)
• These were sales (S) — not purchases, option exercises, or awards — which are commonly routine portfolio transactions rather than explicit signals about company prospects.

Key Details

• Transaction date: June 12, 2026; Form 4 filed: June 16, 2026 (within the two-business-day filing window for a June 12 trade).
• Price detail footnotes: reported prices are weighted averages from multiple trades with ranges:
  • 1,400 shares: $277.40–$278.38 (F1)
  • 4,800 shares: $278.40–$279.28 (F2)
  • 7,114 shares: $279.40–$280.39 (F3)
  • 5,193 shares: $280.415–$281.41 (F4)
  • 1,493 shares: $281.42–$281.85 (F5)
• Footnote F6 notes shares held by the reporting person’s family trust may be deemed beneficially owned; the reporter disclaims beneficial ownership except to the extent of pecuniary interest.
• The filing excerpt provided does not state the reporter’s total shares owned after these transactions; check the full Form 4 for post-transaction beneficial ownership.

Context

• These were open-market sales by a non-employee director (not option exercises or awards). Sales by insiders can be routine (diversification, tax planning, liquidity) and do not, on their own, prove a change in sentiment about the company.
• Retail investors should consider this alongside other insider activity, company fundamentals, and market conditions rather than treating the sales as a standalone buy/sell signal.