FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * SC XI MANAGEMENT LLC   2. Issuer Name and Ticker or Trading Symbol Palo Alto Networks Inc [PANW] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 3000 SAND HILL ROAD 4-250 3. Date of Earliest Transaction (Month/Day/Year) 07/25/2012 (Street) MENLO PARK, CA 94025 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/25/2012   C   335,396 A (1) 335,396 I By Sequoia Technology Partners XI, LP (2) Common Stock 07/25/2012   C   1,155,116 A (1) 1,155,116 I By Sequoia Capital XI Principals Fund, LLC (2) Common Stock 07/25/2012   C   10,617,630 A (1) 10,617,630 I By Sequoia Capital XI LP (2) Common Stock 07/25/2012   C   16,150 A (1) 16,150 I By Sequoia Capital Growth Partners III, LP (3) Common Stock 07/25/2012   C   76,202 A (1) 76,202 I By Sequoia Capital Growth III Principals Fund, LLC (3) Common Stock 07/25/2012   C   1,475,592 A (1) 1,475,592 I By Sequoia Capital Growth Fund III, LP (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A-1 Preferred Stock	(1)	07/25/2012		C			6,690	(1)	(1)	Common Stock	6,690	$ 0	0	I	By Sequoia Technology Partners XI, LP (2)
Series A-1 Preferred Stock	(1)	07/25/2012		C			23,038	(1)	(1)	Common Stock	23,038	$ 0	0	I	By Sequoia Capital XI Principals Fund, LLC (2)
Series A-1 Preferred Stock	(1)	07/25/2012		C			211,772	(1)	(1)	Common Stock	211,772	$ 0	0	I	By Sequoia Capital XI LP (2)
Series A-2 Preferred Stock	(1)	07/25/2012		C			242,600	(1)	(1)	Common Stock	242,600	$ 0	0	I	By Sequoia Technology Partners XI, LP (2)
Series A-2 Preferred Stock	(1)	07/25/2012		C			835,528	(1)	(1)	Common Stock	835,528	$ 0	0	I	By Sequoia Capital XI Principals Fund, LLC (2)
Series A-2 Preferred Stock	(1)	07/25/2012		C			7,680,022	(1)	(1)	Common Stock	7,680,022	$ 0	0	I	By Sequoia Capital XI LP (2)
Series B Preferred Stock	(1)	07/25/2012		C			66,089	(1)	(1)	Common Stock	66,089	$ 0	0	I	By Sequoia Technology Partners XI, LP (2)
Series B Preferred Stock	(1)	07/25/2012		C			227,612	(1)	(1)	Common Stock	227,612	$ 0	0	I	By Sequoia Capital XI Principals Fund, LLC (2)
Series B Preferred Stock	(1)	07/25/2012		C			2,092,167	(1)	(1)	Common Stock	2,092,167	$ 0	0	I	By Sequoia Capital XI LP (2)
Series C Preferred Stock	(1)	07/25/2012		C			20,017	(1)	(1)	Common Stock	20,017	$ 0	0	I	By Sequoia Technology Partners XI, LP (2)
Series C Preferred Stock	(1)	07/25/2012		C			68,938	(1)	(1)	Common Stock	68,938	$ 0	0	I	By Sequoia Capital XI Principals Fund, LLC (2)
Series C Preferred Stock	(1)	07/25/2012		C			633,669	(1)	(1)	Common Stock	633,669	$ 0	0	I	By Sequoia Capital XI LP (2)
Series C Preferred Stock	(1)	07/25/2012		C			16,150	(1)	(1)	Common Stock	16,150	$ 0	0	I	By Sequoia Capital Growth Partners III, LP (3)
Series C Preferred Stock	(1)	07/25/2012		C			76,202	(1)	(1)	Common Stock	76,202	$ 0	0	I	By Sequoia Capital Growth III Principals Fund, LLC (3)
Series C Preferred Stock	(1)	07/25/2012		C			1,475,592	(1)	(1)	Common Stock	1,475,592	$ 0	0	I	By Sequoia Capital Growth Fund III, LP (3)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
SC XI MANAGEMENT LLC 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SCGF III MANAGEMENT LLC 3000 SAND HILL ROAD, 4-250 MENLO PARK, CA 94025		X
SEQUOIA CAPITAL GROWTH FUND III 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SEQUOIA CAPITAL GROWTH III PRINCIPALS FUND 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SEQUOIA CAPITAL GROWTH PARTNERS III 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SEQUOIA CAPITAL XI 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SEQUOIA CAPITAL XI PRINCIPALS FUND 3000 SAND HILL ROAD 4-250 MENLO PARK, CA 94025		X
SEQUOIA TECHNOLOGY PARTNERS XI 3000 SAND HILL ROAD, 4-250 MENLO PARK, CA 94025		X

Signatures

/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the General Partner of Sequoia Capital Growth Fund III, L.P.		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the Managing Member of Sequoia Capital Growth III Principals Fund LLC		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SCGF III Management, LLC, the General Partner of Sequoia Capital Growth Partners III, L.P.		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the General Partner of Sequoia Capital XI, L.P.		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the Managing Member of Sequoia Capital XI Principals Fund LLC		07/25/2012
**Signature of Reporting Person		Date
/s/ Melinda Dunn, by power of attorney for Douglas Leone, a Managing Member of SC XI Management, LLC, the General Partner of Sequoia Technology Partners XI, L.P.		07/25/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Each share of Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series B Preferred Stock and Series C Preferred Stock automatically converted into Common Stock on a 1-for-1 basis immediately prior to the closing of the Issuer's initial public offering of Common Stock and had no expiration date.
(2)	SC XI Management, LLC ("SC XI Management") is the general partner of Sequoia Capital XI, LP and Sequoia Technology Partners XI, LP and is the managing member of Sequoia Capital XI Principals Fund, LLC. As a result, SC XI Management may be deemed to share voting and dispositive power with respect to the shares held by Sequoia Capital XI, LP, Sequoia Technology Partners XI, LP and Sequoia Capital XI Principals Fund, LLC. Each of the filing persons disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.
(3)	SCGF III Management, LLC ("SCGF III Management") is the general partner of Sequoia Capital Growth Fund III, LP and Sequoia Capital Growth Partners III, LP and is the managing member of Sequoia Capital Growth III Principals Fund, LLC. As a result, SCGF III Management may be deemed to share voting and dispositive power with respect to the shares held by Sequoia Capital Growth Fund III, LP, Sequoia Capital Growth Partners III, LP and Sequoia Capital Growth III Principals Fund, LLC. Each of the filing persons disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purposes.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.