Palo Alto Networks, the international cybersecurity company, reached an all-time high on Thursday, surpassing a market capitalization of NIS 1 trillion.
The milestone makes the company the first in the history of the Tel Aviv Stock Exchange to reach such a valuation. Palo Alto Networks now accounts for roughly one-third of the total market value of all stocks traded on the exchange.
The gap between Palo Alto Networks and the companies that follow it is dramatic. The company is currently worth nearly 10 times as much as Teva, which ranks second with a market value of NIS 143 billion, while Bank Leumi ranks third at NIS 110 billion.
Since the beginning of the year, Palo Alto Networks' market value has surged 115.6%, driven in part by its $25 billion acquisition of Israeli cybersecurity company CyberArk, the second-largest deal in Israel's high-tech sector.
Palo Alto Networks is one of the world's leading cybersecurity companies. Although it is considered an American company, its research and development center operates in Tel Aviv.
The company's dual listing on the Tel Aviv Stock Exchange, followed by its $25 billion acquisition of CyberArk, has propelled Palo Alto Networks to unprecedented heights on the Israeli market.