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Palo Alto Networks (NASDAQ: PANW) actions increased 9% on Monday, when Congresswoman Nancy Pelosi revealed that she had bought positions in the cybersecurity firm.
Pelosi bought between $500,000 and $1 million worth of call options in the Nikesh Arora-led company, according to a congressional trade form archived of Pelosi. The purchase was made on February 12th.
The 83-year-old Pelosi also disclosed the purchase of a call option worth between $100,000 and $250,000. The purchase was made on Feb. 21, the same day the stock plummeted after the company lowered its full-year revenue and billing forecasts.
Shares of other cybersecurity stocks rose Monday, including CrowdStrike (CRWD), Zscaler (ZS), and Fortinet (FTNT).
After Palo Alto lowered its forecast, several Wall Street firms downgraded the company fearing that the new strategy shift could seriously hurt its business over the next year or more.
Separately on Monday, investment firm Susquehanna reiterated its positive rating on Palo Alto Networks, although it cut its price target following the company’s change in strategy.
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