Palo Alto Networks Shares Surge As It Joins S&P 500: Who Is It Replacing?

Shares of Palo Alto Networks PANW climbed nearly 5% in Monday’s pre-market session following a Friday announcement from S&P Dow Jones Indices indicating that the cybersecurity firm is joining the S&P 500 SPY.

What Happened: The Santa Clara, California-based company will replace DISH Network Corp DISH in the broad market index.

Dish will move to the S&P SmallCap 600, replacing Cutera, Inc CUTR.

The reshuffling will take effect prior to the opening bell on June 20, corresponding with the quarterly rebalance of the indices, S&P said. The goal is to ensure that each index accurately reflects its respective market capitalization range.

Palo Alto Networks’ move comes as the company’s shares are ebbing around all-time highs.

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The announcement also affects a range of companies across the S&P MidCap 400 and S&P SmallCap 600.

A group of companies — Doximity Inc DOCS, Berry Global Group Inc BERY, and Planet Fitness Inc PLNT — will join the S&P MidCap 400.

In the S&P SmallCap 600, new entrants include Artisan Partners Asset Management Inc APAM, CarGurus Inc CARG, and Schrodinger Inc SDGR.

Other companies affected by the reshuffle, like Doximity and Planet Fitness, also saw shares move to the upside on Monday.

PANW Price Action: Shares of Palo Alto Networks are trading 4.71% higher to $227.50, according to data from Benzinga Pro.

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