Insider trade

Director sold ~$10.4M of PANW shares in the open market

Traded Dec 3, 2025 · Filed Dec 5, 2025

~$10.4M
Reported value · 54K sh @ $192.743: 350K
Holds after · shares reported: +104.6%
stock since the trade · S&P 500 +11.7%, $193.63 → $396.25 on Oct 1

Why it stands out

A board member of Palo Alto Networks sold $10.4M of Palo Alto Networks shares. It was planned long ago, so it says very little.

Written from the filing's own figures. OQRO describes what was reported and never tells you what to buy or sell

View the official recordSEC Form 4 — Statement of Changes in Beneficial Ownership

All the details

Dates, kept separate

Transaction date: Dec 3, 2025
Reporting period: Not applicable
Filed with the SEC: Dec 5, 2025

Director$1M+Pre-arranged plan referenced

Context

Classification

open market sale

Code S — open-market or private sale

Absolute commitment

~$10,360,900

Shares × reported transaction price

Timing vs results

14 days after results of Nov 19, 2025, 76 days before results of Feb 17, 2026

Results dates are the company's own 8-K (Item 2.02). Many companies only let insiders trade in a window after results

Price at the time

Closed at $193.63 on Dec 3, 2025, 27% above its 52-week low and 13% below its high, after a 10% drop over the previous 30 trading days

52-week range $152.44 (Apr 7, 2025) to $221.38 (Oct 28, 2025), 60% of the way up, from 250 adjusted closes. 30 trading days earlier: $214.40 on Oct 21, 2025. Describes the past only, not a forecast

Planned / mechanical clue

Footnote references a pre-arranged trading plan (Rule 10b5-1)

Only flagged when a footnote says so; never inferred

Securities lawsuit open at the trade date

A securities lawsuit naming the company as a defendant was filed on Apr 25, 2024 in the U.S. District Court, N.D. California. A filing is an allegation, not a finding.

Schwarz v. Palo Alto Networks, Inc., docket 3:24-cv-02492, via CourtListener (court records). Nature of suit 850, company named as first defendant

After it was reported

After	Stock	S&P 500	Difference
7 days	-3.6%	-0.6%	-3.0%
30 days	-8.4%	+0.3%	-8.7%
90 days	-17.9%	-0.6%	-17.3%
180 days	+41.0%	+10.0%	+31.0%

Past results only. Not a forecast.

Source receipt

Record ID: 0001193125-25-308140
Filed / recorded: Dec 5, 2025, 2:30 AM UTC
Added to OQRO: Oct 2, 2026, 12:28 PM UTC
Parser: form4-xml-v1
Data quality: Verified: identifiers matched exactly
Issuer: Palo Alto Networks Inc
Issuer CIK: 1327567
Ticker: PANW
Reporting person: Lee Klarich
Relationship: Director, Officer
Officer title: EVP Chief Product & Tech Ofcr
Security: Common Stock
Table: Non-derivative (Table I)
Transaction date: Dec 3, 2025
Transaction code: S
Shares / units: 53,755
Price per share: $192.743
Acquired / disposed: Disposed (D)
Shares owned after: 349,766
Ownership form: Direct
Amendment: No

Footnotes from the filing

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 27, 2024.
This sale price represents the weighted average sale price of the shares sold ranging from $192.16 to $193.155 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.

Around the same time

CFO sold ~$941K of Palo Alto Networks

Scheduled in advance9mo ago

Officer sold ~$836K of Palo Alto Networks

Scheduled in advance9mo ago

Officer sold ~$334K of Palo Alto Networks

Scheduled in advance9mo ago