Palo Alto Networks Director James Goetz Sells 20,000 Shares

What Happened

• James J. Goetz, a director of Palo Alto Networks (PANW), sold a total of 20,000 shares in multiple open-market transactions on September 17, 2026, generating approximately $7,533,687 in gross proceeds. The sales were executed in 11 blocks: 900 @ $372.51 ($335,263); 910 @ $373.53 ($339,912); 3,348 @ $374.72 ($1,254,561); 4,313 @ $375.73 ($1,620,507); 4,751 @ $376.66 ($1,789,515); 1,293 @ $377.65 ($488,298); 1,504 @ $378.74 ($569,618); 700 @ $379.61 ($265,724); 1,000 @ $380.71 ($380,715); 781 @ $381.86 ($298,231); and 500 @ $382.69 ($191,343). All transactions are reported with code “S” (sale).

Key Details

• Transaction date: September 17, 2026; Form 4 filed September 21, 2026 (filed within the two-business-day window).
• Aggregate: 20,000 shares sold for ~ $7.53 million.
• Price details: reported prices are weighted averages; actual trade prices in the filing range broadly from about $372.07 to $382.95 across the lots (see footnotes).
• Ownership after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes: multiple footnotes state the prices are weighted averages with stated price ranges for groups of trades; one footnote (F12) indicates some shares are held in the Reporting Person’s family trust and the reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
• Transaction code: S = Sale. No 10b5-1 plan, tax-withholding, or late-filing flag is indicated in the provided excerpt.

Context

• These were open-market sales by a director. Sales by insiders can be routine (diversification, tax planning, trust distributions) and do not by themselves indicate company performance. Purchases by insiders can be a stronger signal of confidence, but this filing documents only dispositions.