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Shares of Palo Alto Networks (NASDAQ: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 (NYSE:SPY).
What Happened: The Santa Clara, California-based company will replace DISH Network Corp (NASDAQ:DISH) in the broad market index.
Dish will move to the S&P SmallCap 600, replacing Cutera, Inc (NASDAQ: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.
Read Also: Why Nvidia, Palantir, c3.ai, Other AI-Linked Stocks Are Pulling Back Premarket Monday
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 (NYSE:DOCS), Berry Global Group Inc (NYSE:BERY), and Planet Fitness Inc (NYSE:PLNT) — will join the S&P MidCap 400.
In the S&P SmallCap 600, new entrants include Artisan Partners Asset Management Inc (NYSE:APAM), CarGurus Inc (NASDAQ:CARG), and Schrodinger Inc (NADSAQ: 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.
Read next: Apple Investors Less Interested In AR/VR Headset Compared To This, Says Top Analyst Ahead Of WWDC 2023
