CyberArk Software Inc. (NASDAQ:CYBR) shares gained Tuesday following a report from The Wall Street Journal suggesting that Palo Alto Networks is in talks to acquire the company for more than $20 billion.
What To Know: The potential deal would mark Palo Alto's largest acquisition to date, significantly expanding its reach in the cybersecurity industry.
The stock's jump on Tuesday pushed CyberArk to a record high, surpassing its previous peak set earlier this year. Palo Alto Networks shares dipped over 3% on the news.
The potential acquisition comes amid a wave of consolidation in the cybersecurity sector. Google recently announced a $32 billion purchase of Wiz, its largest acquisition on record, and Cisco completed a $28 billion acquisition of Splunk in 2023.
CYBR Price Action: CyberArk shares were up 11.5% at $427.04 at the time of writing, according to Benzinga Pro.
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