Key facts
- This page summarizes Nikesh Arora's Form 4 filing for Palo Alto Networks Inc (PANW).
- 9 reported transactions and 1 derivative row are listed below.
- Accepted by SEC: 24 Sep 2025, 16:30.
Nikesh Arora - 23 Sep 2025 Form 4 Insider Report for Palo Alto Networks Inc (PANW)
- Reporting relationship
- Chief Executive Officer, Director
- Issuer ticker
- PANW
- Reported as of
- 23 Sep 2025
- Net transaction value
- -$144,719,641
- SEC form
- 4
- Accepted by SEC
- 24 Sep 2025, 16:30:09 UTC
- Prior SEC filing
- 14 Jul 2025
- Next SEC filing
- 15 Oct 2025
- Source filing
- View source filing
- Reporting owner signature
- /s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora
Source evidence
Original filing metadata and source links for verification.
5 source fields
Reporting owner
1 detail
Key filing fact
Nikesh Arora filed Form 4 for Palo Alto Networks Inc (PANW) on 24 Sep 2025.
Change
- Previous filing in this sequence was filed on 14 Jul 2025.
- Current net transaction value: -$144,719,641.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reporting Owners (1)
CIK 0001468233
Primary reporting owner
Arora Nikesh
- Relationship
- Chief Executive Officer, Director
- Address
- C/O PALO ALTO NETWORKS INC., 3000 TANNERY WAY, SANTA CLARA
- Signature
- /s/ Elizabeth Villalobos, Attorney-in-Fact for Nikesh Arora
- Signature date
- 24 Sep 2025
Reported non-derivative transactions
Shares, units, or other non-derivative securities reported in this filing.
PANW
transaction
Common Stock
Options Exercise
- Transaction value
- $28,002,054
- Shares
- +846,408
- Change %
- +308%
- Price
- $33.08
- Shares after
- 1,121,421
- Date
- 23 Sep 2025
- Ownership
- Direct
PANW
transaction
Common Stock
Sale
- Transaction value
- $77,590,414
- Shares
- -382,040
- Change %
- -34%
- Price
- $203.10
- Shares after
- 739,381
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F2
PANW
transaction
Common Stock
Sale
- Transaction value
- $22,526,927
- Shares
- -110,592
- Change %
- -15%
- Price
- $203.69
- Shares after
- 628,789
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F3
PANW
transaction
Common Stock
Sale
- Transaction value
- $51,479,788
- Shares
- -251,559
- Change %
- -40%
- Price
- $204.64
- Shares after
- 377,230
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F4
PANW
transaction
Common Stock
Sale
- Transaction value
- $6,675,432
- Shares
- -32,463
- Change %
- -8.6%
- Price
- $205.63
- Shares after
- 344,767
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F5
PANW
transaction
Common Stock
Sale
- Transaction value
- $9,735,141
- Shares
- -47,064
- Change %
- -14%
- Price
- $206.85
- Shares after
- 297,703
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F6
PANW
transaction
Common Stock
Sale
- Transaction value
- $3,876,226
- Shares
- -18,669
- Change %
- -6.3%
- Price
- $207.63
- Shares after
- 279,034
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F7
PANW
transaction
Common Stock
Sale
- Transaction value
- $837,767
- Shares
- -4,021
- Change %
- -1.4%
- Price
- $208.35
- Shares after
- 275,013
- Date
- 23 Sep 2025
- Ownership
- Direct
- Footnotes
- F1, F8
PANW
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 32,010
- Date
- 23 Sep 2025
- Ownership
- See footnote
- Footnotes
- F9
PANW
holding
Common Stock
No transaction description listed
- Transaction value
- Shares
- Change %
- Price
- Shares after
- 726,542
- Date
- 23 Sep 2025
- Ownership
- See footnote
- Footnotes
- F10
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
PANW
transaction
Derivative
Stock Option (right to buy)
Options Exercise
- Transaction value
- $0
- Shares
- -846,408
- Change %
- -100%
- Price
- $0.000000
- Shares after
- 0
- Date
- 23 Sep 2025
- Ownership
- Direct
- Underlying class
- Common Stock
- Underlying amount
- 846,408
- Exercise price
- $33.08
- Footnotes
- F11
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Rule 10b5-1 trading plan
These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.
Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).
Explanation of responses 11 footnotes
Footnote F1
The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person that became effective June 24, 2025.
Footnote F2
This sale price represents the weighted average sale price of the shares sold ranging from $202.28 to $203.275 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.
Footnote F3
This sale price represents the weighted average sale price of the shares sold ranging from $203.28 to $204.27 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.
Footnote F4
This sale price represents the weighted average sale price of the shares sold ranging from $204.28 to $205.27 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.
Footnote F5
This sale price represents the weighted average sale price of the shares sold ranging from $205.28 to $206.27 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.
Footnote F6
This sale price represents the weighted average sale price of the shares sold ranging from $206.29 to $207.28 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.
Footnote F7
This sale price represents the weighted average sale price of the shares sold ranging from $207.29 to $208.27 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.
Footnote F8
This sale price represents the weighted average sale price of the shares sold ranging from $208.34 to $208.49 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.
Footnote F9
Shares are held by Bacchey Investments L.P., of which Bacchey Management LLC (the "LLC") is the General Partner. The Reporting Person is the manager of the LLC. The sole member of the LLC is the Aurora Trust, for which the Reporting Person serves as a trustee.
Footnote F10
Shares are held by the Nikesh Arora 2025 Annuity Trust, for which the Reporting Person serves as trustee.
Footnote F11
The shares subject to the option were fully vested and exercisable.