Palo Alto Networks Inc (NYSE:PANW) shares climbed as much as 5% in pre-market trading on Monday after S&P Dow Jones revealed that it would include the cybersecurity platform company’s stock in the S&P 500 index effective June 20, 2023.
The S&P said Palo Alto will replace Dish Network (NASDAQ:DISH) Corp in a quarterly rebalancing of the benchmark index, which triggered a 4% decline in Dish stock before Monday’s open.
Palo Alto recently reported a 24% rise in its third-quarter revenue to $1.72 billion along with adjusted earnings per share (EPS) that surged 83% to $1.10, with both its top and bottom line results surpassing Wall Street expectations. The company also raised its full-year guidance.
Shares of Palo Alto Networks have gained 57% year to date, compared with an 11.5% advance for the S&P 500.
Contact Sean at sean@proactiveinvestors.com