What the executives and directors of Palo Alto Networks actually did with their own shares, decoded from three years of SEC Form 4 filings.
The tape: three years of insider trades
Every marker sits at the exact price reported on the Form 4. The line is the monthly median of all prices insiders reported, so the chart needs no market feed; the gray strip is routine flow (vestings, tax withholding, gifts) that headlines love to miscount as selling.
Where the shares went, last 12 months
Every Form 4 movement decomposed: what flowed in (grants, vested equity, purchases) and what flowed out (tax withholding, plan sales, discretionary sales, gifts). Counted in shares, because grants carry no price.
Skin in the game
Directly held shares as reported after each trade, indexed to 100 five years back. Direct holdings only: trust and family-entity positions are per-entity in the filings and do not sum honestly, so this chart refuses to guess. The steps are the trades.
Who holds what
| Insider | Role | Shares held | Buys 12 m | Sales 12 m |
|---|---|---|---|---|
| ZUK NIR EVP, Chief Technology Officer | Officer | 3.8M | — | — |
| Klarich Lee EVP Chief Product & Tech Ofcr | Officer | 938.4K | — | $137.5M |
| Arora Nikesh Chief Executive Officer | CEO | 343.3K | $10M | $172.7M |
| GOETZ JAMES J | Director | 214.9K | — | $14.2M |
| Golechha Dipak EVP, Chief Financial Officer | CFO | 150K | — | $4.2M |
| Jenkins William D Jr President | Officer | 148.2K | — | $1.3M |
| Paul Josh D. Chief Accounting Officer | Officer | 75.8K | — | $2M |
| McCarthy Mary Pat | Director | 55K | — | — |
| Donovan John | Director | 48.6K | — | — |
| Twohill Lorraine | Director | 44.5K | — | — |
| Eschenbach Carl M. | Director | 22.1K | — | — |
| Gayle Helene D | Director | 13.1K | — | — |
| Key John P. | Director | 12.5K | — | $2.4M |
| Bawa Aparna | Director | 8,621 | — | $802K |
Open-market trade log
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-07 | Thorning-Schmidt Helle (Director) | Discretionary sale | 700 | $346.85 | $243K |
| 2026-07-01 | Bawa Aparna (Director) | Discretionary sale | 290 | $348.74 | $101K |
| 2026-07-01 | Paul Josh D. (Officer) | Planned sale (10b5-1) | 900 | $345.00 | $311K |
| 2026-06-29 | Bawa Aparna (Director) | Discretionary sale | 305 | $328.14 | $100K |
| 2026-06-29 | Bawa Aparna (Director) | Discretionary sale | 327 | $309.83 | $101K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 200 | $286.68 | $57K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 214 | $291.84 | $62K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 300 | $284.80 | $85K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 886 | $291.07 | $258K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 1,300 | $288.96 | $376K |
| 2026-06-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 2,100 | $290.03 | $609K |
| 2026-06-22 | Bawa Aparna (Director) | Discretionary sale | 345 | $290.17 | $100K |
| 2026-06-12 | GOETZ JAMES J (Director) | Discretionary sale | 1,400 | $277.89 | $389K |
| 2026-06-12 | GOETZ JAMES J (Director) | Discretionary sale | 1,493 | $281.64 | $420K |
| 2026-06-12 | GOETZ JAMES J (Director) | Discretionary sale | 4,800 | $278.89 | $1.3M |
| 2026-06-12 | GOETZ JAMES J (Director) | Discretionary sale | 5,193 | $280.89 | $1.5M |
| 2026-06-12 | GOETZ JAMES J (Director) | Discretionary sale | 7,114 | $279.88 | $2M |
| 2026-06-12 | Key John P. (Director) | Discretionary sale | 7,500 | $279.24 | $2.1M |
| 2026-06-12 | Bawa Aparna (Director) | Discretionary sale | 536 | $280.00 | $150K |
| 2026-06-11 | Bawa Aparna (Director) | Discretionary sale | 555 | $270.00 | $150K |
| 2026-06-10 | Bawa Aparna (Director) | Discretionary sale | 377 | $265.00 | $100K |
| 2026-06-01 | Paul Josh D. (Officer) | Planned sale (10b5-1) | 1,100 | $285.08 | $314K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 320 | $253.25 | $81K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 519 | $251.20 | $130K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 543 | $250.03 | $136K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 582 | $251.94 | $147K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 923 | $261.25 | $241K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 2,875 | $256.60 | $738K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 2,897 | $257.63 | $746K |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 4,205 | $254.85 | $1.1M |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 4,694 | $255.58 | $1.2M |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 10.4K | $258.70 | $2.7M |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 16.9K | $260.62 | $4.4M |
| 2026-05-22 | Klarich Lee (Officer) | Planned sale (10b5-1) | 18.1K | $259.62 | $4.7M |
| 2026-05-20 | Paul Josh D. (Officer) | Planned sale (10b5-1) | 400 | $236.95 | $95K |
| 2026-04-08 | Key John P. (Director) | Discretionary sale | 1,572 | $173.32 | $272K |
| 2026-04-01 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 200 | $157.81 | $32K |
| 2026-04-01 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 1,300 | $160.04 | $208K |
| 2026-04-01 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 3,500 | $160.70 | $562K |
| 2026-04-01 | Paul Josh D. (Officer) | Discretionary sale | 1,100 | $161.40 | $178K |
| 2026-03-27 | Arora Nikesh (CEO) | Open-market buy | 100 | $147.48 | $15K |
| 2026-03-27 | Arora Nikesh (CEO) | Open-market buy | 68K | $146.87 | $10M |
| 2026-03-06 | GOETZ JAMES J (Director) | Discretionary sale | 8,500 | $163.83 | $1.4M |
| 2026-03-06 | GOETZ JAMES J (Director) | Discretionary sale | 14.2K | $164.76 | $2.3M |
| 2026-03-02 | Paul Josh D. (Officer) | Planned sale (10b5-1) | 1,700 | $147.90 | $251K |
| 2026-01-08 | Klarich Lee (Officer) | Planned sale (10b5-1) | 367 | $193.16 | $71K |
| 2026-01-08 | Klarich Lee (Officer) | Planned sale (10b5-1) | 6,707 | $192.38 | $1.3M |
| 2026-01-08 | Klarich Lee (Officer) | Planned sale (10b5-1) | 12.6K | $189.60 | $2.4M |
| 2026-01-08 | Klarich Lee (Officer) | Planned sale (10b5-1) | 46.2K | $190.69 | $8.8M |
| 2026-01-08 | Klarich Lee (Officer) | Planned sale (10b5-1) | 54.9K | $191.47 | $10.5M |
| 2026-01-02 | Jenkins William D Jr (Officer) | Planned sale (10b5-1) | 904 | $184.81 | $167K |
| 2026-01-02 | Paul Josh D. (Officer) | Planned sale (10b5-1) | 800 | $184.81 | $148K |
| 2025-12-26 | Jenkins William D Jr (Officer) | Planned sale (10b5-1) | 1,771 | $188.45 | $334K |
| 2025-12-26 | Jenkins William D Jr (Officer) | Planned sale (10b5-1) | 4,447 | $187.92 | $836K |
| 2025-12-23 | Golechha Dipak (CFO) | Planned sale (10b5-1) | 5,000 | $188.18 | $941K |
| 2025-12-09 | GOETZ JAMES J (Director) | Discretionary sale | 300 | $196.42 | $59K |
| 2025-12-09 | GOETZ JAMES J (Director) | Discretionary sale | 3,970 | $195.73 | $777K |
| 2025-12-09 | GOETZ JAMES J (Director) | Discretionary sale | 8,230 | $194.70 | $1.6M |
| 2025-12-08 | GOETZ JAMES J (Director) | Discretionary sale | 428 | $196.04 | $84K |
| 2025-12-08 | GOETZ JAMES J (Director) | Discretionary sale | 12.1K | $195.31 | $2.4M |
“Since trade” compares with the latest insider-implied price, not a market quote; this site carries no market data by design.
Filing hygiene
How to read this
A Form 4 transaction code decides everything. P is an open-market purchase and S an open-market sale; those two are the only codes where an insider chose to trade. A is a grant, M an option exercise or vesting, F shares withheld to cover tax, G a gift. Most “insiders dumped billions” headlines are code F and M mechanics.
Sales flagged 10b5-1 run on a plan the insider adopted in advance; since 2023 every Form 4 carries that flag. Buys have historically predicted returns, sales mostly have not, and this page states filings, not advice.