Cybersecurity stocks have plunged this year on worries that AI will disrupt their business models.
In this article
Palo Alto Networks
CEO Nikesh Arora disclosed his first share purchase since November 2019, as artificial intelligence disruption fears weigh on the cybersecurity sector.
The purchase, disclosed Friday in an SEC filing, totaled 68,085 shares at about $10 million. Wall Street viewed the purchase as an upbeat sign for the downtrodden sector, lifting shares of Palo Alto 6%.
Shares have dropped 15% this year.
Palo Alto has bet big on AI in recent months and launched an aggressive acquisition spree that included buying CyberArk for $25…
Palo Alto Networks CEO Nikesh Arora has been on a buying spree in recent years, but CyberArk would represent by far his biggest…
The cybersecurity company said in July it would by Israeli cybersecurity provider CyberArk for $25 billion.
Shares rose post-earnings Monday evening but were still down from when the company's interest in CyberArk was first reported.
Palo Alto Networks will takeover Israeli cybersecurity provider CyberArk in a deal valued at $25 billion.
Wells Fargo sees shares of Palo Alto Networks rising 33% from here.
