Shares of Palo Alto Networks, the international cybersecurity company, reached an all-time high on Thursday, pushing its market capitalization past 1 trillion shekels.
The milestone makes Palo Alto Networks the first company in the history of the Tel Aviv Stock Exchange to reach such a market value. Its current valuation now accounts for roughly one-third of the total value of all shares traded on the TASE.
The gap between Palo Alto Networks and the companies that follow it is dramatic. Its market value is roughly 10 times that of Teva, which ranks second at NIS 143 billion, and nearly 10 times that of Bank Leumi, in third place with a market value of 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.
After becoming dual-listed on the Tel Aviv Stock Exchange and acquiring CyberArk for $25 billion, Palo Alto Networks is breaking records and reaching a market valuation on a scale never before seen in Israel.