Palo Alto Networks Director Files Form 144 for $7.5M Proposed Sale

Executive Summary

On September 17, 2026, a Form 144 was filed on behalf of GOETZ 2025 IRR CHILDRENS TRUST, associated with James J. Goetz, a member of the Board of Directors of Palo Alto Networks Inc ($PANW). The filing outlines a proposed sale of 20,000 shares of common stock through Morgan Stanley Smith Barney LLC, with an aggregate market value of approximately $7.53 million.

Transaction Details

• Filer / Beneficial Owner: GOETZ 2025 IRR CHILDRENS TRUST (James J. Goetz, Director)
• Security Type: Common Stock
• Number of Shares: 20,000
• Aggregate Market Value: $7,533,686.00 (implied price of ~$376.68 per share)
• Shares Outstanding: 818,000,000
• Anticipated Sale Date: September 17, 2026
• Source of Shares: Acquired via partnership distributions from Sequoia Capital in 2006 (12,206 shares) and 2008 (7,794 shares across two tranches).

Market Impact & Significance

The proposed disposition represents roughly 0.002% of Palo Alto Networks' 818 million outstanding shares, indicating negligible market dilution or direct liquidity pressure. Because the shares originate from early venture capital distributions (Sequoia Capital) and are held in an irrevocable children's trust, this transaction appears consistent with routine estate planning and portfolio diversification rather than an operational or strategic commentary on the company's forward prospects.