Palo Alto Networks, a cybersecurity business, split its stock this year, becoming the most recent technology company to do so.
Palo Alto stock decreased 0.5% to end the first trading day after the split at $182.
This year, the price of Panw stock has dropped by just over 1%.
Palo Alto shares, which were trading for more over $500 before the split, are now only worth $174.
Their fiscal 2023 EPS drops from $9.42 to $3.14 due to the stock split, and their fiscal 2024 EPS projection drops from $11.60 to $3.87.
The 3-for-1 stock split was announced by Palo Alto on August 22.
The stock has outperformed the Nasdaq by over 20% YTD and 40% over the past year.
On August 22, Palo Alto released Q4 data, and the entire fiscal year 2022 ,they were surprisingly excellent.
Through at least 2027, the cybersecurity industry is anticipated to expand by 13%.
Companies that announced stock splits saw their shares rise 25%, as per BoA.