Palo Alto (PANW)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-09-17 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: Palo Alto Networks Inc (PANW) CIK: 0001327567 --- Reporting Owner --- Name: GOETZ JAMES J CIK: 0001219231 Role: Director --- Non-Derivative Transactions --- [Transaction #1] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -900 | Price: $372.51 Total Value: $335,262.96 Shares Owned After: 19,100 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F1] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $372.07 to $373.04, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) - (11) to this Form 4. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #2] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -910 | Price: $373.53 Total Value: $339,912.39 Shares Owned After: 18,190 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F2] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $373.09 to $373.88, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #3] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -3,348 | Price: $374.72 Total Value: $1,254,561.22 Shares Owned After: 14,842 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F3] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $374.17 to $375.16, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #4] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -4,313 | Price: $375.73 Total Value: $1,620,506.67 Shares Owned After: 10,529 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F4] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $375.18 to $376.17, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #5] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -4,751 | Price: $376.66 Total Value: $1,789,514.51 Shares Owned After: 5,778 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F5] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $376.20 to $377.18, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #6] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -1,293 | Price: $377.65 Total Value: $488,297.70 Shares Owned After: 4,485 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F6] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $377.22 to $378.19, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #7] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -1,504 | Price: $378.74 Total Value: $569,618.04 Shares Owned After: 2,981 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F7] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $378.25 to $379.245, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #8] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -700 | Price: $379.61 Total Value: $265,723.99 Shares Owned After: 2,281 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F8] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $379.25 to $380.18, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #9] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -1,000 | Price: $380.71 Total Value: $380,715.00 Shares Owned After: 1,281 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F9] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $380.32 to $381.16, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #10] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -781 | Price: $381.86 Total Value: $298,230.55 Shares Owned After: 500 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F10] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $381.39 to $382.19, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. [Transaction #11] Security: Common Stock Date: 2026-09-17 | Code: S (Open market sale) Shares: -500 | Price: $382.69 Total Value: $191,343.00 Shares Owned After: 0 | Ownership: I (Indirect) | Nature: By family trust Footnotes: [F11] The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $382.44 to $382.95, inclusive. [F12] Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. --- Holdings --- [Holding #1] Security: Common Stock Ownership: D (Direct) --- Footnotes (Complete Index) --- F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $372.07 to $373.04, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) - (11) to this Form 4. F10: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $381.39 to $382.19, inclusive. F11: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $382.44 to $382.95, inclusive. F12: Shares held by the Reporting Person's family trust. The Reporting Person may be deemed to beneficially own the shares held by his family trust. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities on this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the reported securities for purposes of Section 16 or for any other purpose. F2: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $373.09 to $373.88, inclusive. F3: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $374.17 to $375.16, inclusive. F4: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $375.18 to $376.17, inclusive. F5: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $376.20 to $377.18, inclusive. F6: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $377.22 to $378.19, inclusive. F7: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $378.25 to $379.245, inclusive. F8: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $379.25 to $380.18, inclusive. F9: The price reported in Column 4 is weighted average price. These shares were sold in multiple transactions at prices ranging from $380.32 to $381.16, inclusive. --- Signature --- /s/ /s/ Jung Yeon Son, by power of attorney for James J. Goetz (2026-09-21)