NEW YORK, Feb 14, 2026, 14:12 EST — Market closed.
- Palo Alto Networks is moving ahead with a secondary listing in Tel Aviv, where it’ll trade under the ticker “CYBR,” right after wrapping up its $25 billion CyberArk acquisition.
- PANW finished Friday’s session up 2.5%, closing at $166.95.
- Options prices are signaling that traders are bracing for a big swing once Tuesday’s earnings land.
Palo Alto Networks (PANW.O) heads into this shortened U.S. trading stretch carrying new momentum: the cybersecurity giant is moving forward with plans for a secondary listing on the Tel Aviv Stock Exchange, set to trade as “CYBR.” This comes right after closing its $25 billion takeover of Israeli rival CyberArk Software. Shares finished Friday at $166.95, up 2.5%. 1
Tel Aviv’s decision thrusts the company’s largest deal into the spotlight again, right as investors adjust their portfolios before quarterly earnings land. At the same time, Palo Alto gets pulled deeper into Israel’s tech scene—cybersecurity appetite and oversight are both ramping up.
The derivatives market isn’t exactly calm. Options data spotted by Investopedia points to roughly an 8% swing for Palo Alto shares after Tuesday’s earnings, with the report landing after the bell. With U.S. exchanges closed Monday for Washington’s Birthday, traders get just two days to set their positions. 2
Palo Alto is folding CyberArk into its platform, pushing identity security higher on its priority list. “The emerging wave of AI agents will require us to secure every identity — human, machine, and agent,” CEO Nikesh Arora said. He noted that integration can get underway now. CyberArk boss Matt Cohen called the move “a win-win,” and said the goal is to “stop identity-driven breaches.” CyberArk shareholders are set to get $45 in cash plus 2.2005 Palo Alto shares for each CyberArk ordinary share, as per the deal. 3
Traders are now wondering if the company can maintain its pace of growth as it digests a sprawling acquisition—and if management can clarify its strategy for selling the new, merged lineup. The firm hasn’t said when the Tel Aviv division will start trading, so the “why now” story is left hanging for earnings remarks.
According to a Zacks preview carried by Nasdaq, Palo Alto will report its fiscal second-quarter numbers on Feb. 17, with analysts eyeing revenue between $2.57 billion and $2.59 billion. The consensus sits at $2.58 billion. Non-GAAP earnings are expected to come in at 93 cents per share, the preview showed. Peer action in Okta, Fortinet, and Zscaler also got a mention as the group navigates valuation questions and spending concerns. 4
Still, the risks are hard to ignore. If integration runs over budget, the hit to margins could draw a fast response from investors. Any sense that management is losing focus might also spark a selloff. Geopolitics adds another layer: According to Reuters, Palo Alto scaled back its public comments linking a cyberespionage campaign to China, after Chinese authorities clamped down on certain foreign cybersecurity software. As Johns Hopkins professor Thomas Rid put it, “people have always taken risks by naming names.” 5
The next big date: Tuesday, Feb. 17. That’s when Palo Alto drops its results after U.S. markets close. Investors want specifics on CyberArk integration, a look at the deal’s economics, and some sense of whether growth holds up as the company pushes into new areas. Any fresh info about when the Tel Aviv listing might actually land will be closely watched, too.
