Palo Alto Networks Inc — Form 10-K
Filed September 10, 2026 · analyzed by the Periodic Agent
10-K
— Neutral
significance 28/100
What the filing says
On February 11, 2026, Palo Alto Networks assumed call option transactions originally entered into by CyberArk Software Ltd. in connection with CyberArk's $1.25B convertible notes (0.00% due 2030). The options give PANW the right to purchase PANW common stock at a strike price of $211.24 per share and cap price of $291.44, with expiration June 15, 2030. This assignment occurred as part of PANW's acquisition of CyberArk, where CyberArk shareholders receive 2.2005 PANW shares plus $45 cash per share. The specific number of options and premium amounts are redacted in this form.
Why this rating
Derivative hedging instrument transfer tied to convertible notes; routine in M&A; immaterial relative to $123.4B market cap and does not alter PANW's core business trajectory.
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