US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> is acquiring <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.</li>
<li>The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.</li>
<li>Upon completion, the deal will trigger significant passive flows, with an upweight of <a href="https://www.smartkarma.com/entities/palo-alto-networks-inc" target="_blank" data-smartkarma-citation="entities:7886:1" rel="noopener">Palo Alto Networks (PANW US)</a> and the removal of <a href="https://www.smartkarma.com/entities/cyberark-software-ltd" target="_blank" data-smartkarma-citation="entities:27151:1" rel="noopener">CyberArk Software Ltd (CYBR US)</a> from relevant indices.</li>
</ul>



Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.


Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.</li>
<li>The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  </li>
<li>Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  </li>
</ul>


Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  


Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of Israel-based CyberArk Software.</li><li>This move, expected to be finalized within days, could value CyberArk well above its current $20 billion market capitalization.</li><li>CyberArk, known for its strength in privileged access management and identity security, boasts over 10,000 customers globally and has been shifting towards a subscription-based model under CEO Matt Cohen.</li></ul>

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of Israel-based CyberArk Software.This move, expected to be finalized within days, could value CyberArk well above its current $20 billion market capitalization.CyberArk, known for its strength in privileged access management and identity security, boasts over 10,000 customers globally and has been shifting towards a subscription-based model under CEO Matt Cohen.

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

<ul><li>Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.</li><li>SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.</li><li>While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.</li></ul>

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

United States

Palo Alto Networks, Inc. provides network security solutions. The Company offers firewalls that identify and control applications, scan content to stop threats, prevent data leakage, integrated application, user, and content visibility. Palo Alto Networks serves customers worldwide.

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Palo Alto Networks (PANW US)

Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Palo Alto’s $25B acquisition of CyberArk will boost PANW’s weight and remove CYBR from relevant indices, driving significant passive flows across...

Harry Kalfas

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of...

Baptista Research

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape. SentinelOne, a company known for...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Palo Alto's $25B CyberArk Deal: Major US and Global Index Implications Ahead

Palo Alto’s $25B acquisition of CyberArk will boost PANW’s weight and remove CYBR from relevant indices, driving significant passive flows across...

Harry Kalfas

Netskope IPO Valuation Analysis: Multiple In Excess of the Security Software Market Is Well Deserved

In my insight, I dive deeper into the company's business and metrics. Moreover, I discuss IPO valuation and key investment risks

Andrei Zakharov

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Palo Alto’s $20 Billion Cyber Grab: Here's What the CyberArk Deal Could Unlock!

Palo Alto Networks is reportedly closing in on one of the cybersecurity industry's largest deals of the year with a potential acquisition of...

Baptista Research

Palo Alto Eyes SentinelOne: The $7 Billion Power Move That Could Reshape Cybersecurity!

Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape. SentinelOne, a company known for...

Baptista Research

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...