Arora Nikesh

The baseline: an industrial-scale harvest. Since becoming Palo Alto Networks' CEO in 2018, Arora has filed 347 PANW transactions cumulating 8,020,907 shares sold. The signature sequence sits on September 23, 2025: a code-M exercise of 846,408 options at a $33.0834 strike, paired with same-session sales of exactly 846,408 shares across seven clips laddered from $208.35 down to $203.10 — roughly $172 million of stock moved against a $28 million exercise cost, the full block liquidated the day it was exercised. April 3, 2025 shows the same choreography at smaller scale (a 296,838-share exercise with same-day sales in the $167-168 range), and November 1, 2025 contributes a triplet of identical 1,185,721-share award and disposition rows — grant restructuring mechanics, not market activity. A 865,090-share code-I row on June 30, 2026 keeps the equity machinery running into the current quarter. None of this, at any scale, says anything directional: it is what a mega-grant compensation package looks like when it vests and gets monetized on schedule.

The exception: cash going in. Code-P open-market purchases are the rarest rows in executive files, and this record contains essentially one modern instance: March 27, 2026 — 67,985 shares at $146.87 plus a 100-share odd lot at $147.48, about $10 million of personal capital. The payload's own price series frames it: the September harvest cleared above $203; the purchase came in at $147, nearly 28% below those prints. An executive who mechanically sells vested stock high and separately chooses to buy with cash after a slide is expressing something the option calendar cannot — and in this file, that choice has only one precedent: 51,187 Sprint shares bought across 2014-2015, his only other issuer with a positive buy column.