NEW YORK, Feb 14, 2026, 14:12 EST — Market closed.
- Palo Alto Networks plans a secondary listing on the Tel Aviv Stock Exchange under ticker “CYBR” after closing its $25 billion CyberArk deal.
- PANW shares closed up 2.5% at $166.95 on Friday.
- Options pricing suggests traders expect an outsized move after Tuesday’s earnings.
Palo Alto Networks (PANW.O) is heading into a shortened U.S. trading week with a fresh catalyst: the cybersecurity firm’s plan to seek a secondary listing on the Tel Aviv Stock Exchange under the ticker “CYBR,” following the close of its $25 billion acquisition of Israeli peer CyberArk Software. Shares ended Friday up 2.5% at $166.95. (Reuters)
The Tel Aviv move matters now because it puts the company’s biggest deal back on the front page just as investors reset positions ahead of quarterly results. It also ties Palo Alto more tightly to Israel’s tech ecosystem at a moment when cybersecurity demand, and scrutiny, are both rising.
Derivatives markets are also flashing a warning light. Options — contracts investors use to hedge or wager on price swings — imply Palo Alto stock could move about 8% after it reports results on Tuesday after the close, according to Investopedia. U.S. equity markets are shut on Monday for Washington’s Birthday, compressing the run-up into two sessions. (Investopedia)
In closing the CyberArk deal, Palo Alto is pitching identity security as a bigger part of its platform story. “The emerging wave of AI agents will require us to secure every identity — human, machine, and agent,” CEO Nikesh Arora said, adding that integration work can begin. CyberArk CEO Matt Cohen called it “a win-win,” saying the combined group aims to “stop identity-driven breaches.” Under the terms, CyberArk shareholders receive $45 in cash and 2.2005 Palo Alto shares for each CyberArk ordinary share. (IT Pro)
For traders, the next question is whether the company can keep its growth cadence while absorbing a large, complex business and explaining how it will sell the combined portfolio. The firm has not disclosed when the Tel Aviv line item becomes a tradable listing, leaving the “why now” narrative to earnings commentary.
A Zacks preview published by Nasdaq said Palo Alto is scheduled to report fiscal second-quarter results on Feb. 17 and pointed to revenue expectations of $2.57 billion to $2.59 billion, with consensus at $2.58 billion. The same preview pegged consensus non-GAAP earnings at 93 cents a share and flagged peer moves in names such as Okta, Fortinet and Zscaler as the sector works through valuation and spending debates. (Nasdaq)
But the setup has clear downside paths. Integration costs could land heavier than expected, and investors may punish any hint that the deal distracts management or pressures margins. Geopolitics is another overhang: Reuters reported Palo Alto toned down public attribution of a cyberespionage campaign to China after Chinese authorities banned some foreign cybersecurity software, and Johns Hopkins professor Thomas Rid noted that “people have always taken risks by naming names.” (Reuters)
The market’s next hard checkpoint is Tuesday, Feb. 17, when Palo Alto reports results after the U.S. close. Investors will be listening for concrete signals on CyberArk integration pace, deal economics, and whether the company can keep growth steady while expanding its footprint — including any new detail on the timing of the Tel Aviv listing.
