KeyBanc Capital downgraded Palo Alto Networks' (NASDAQ:PANW) rating to Sector Weight from Overweight citing platformization strategy concerns with CyberArk (NASDAQ:CYBR). On Wednesday, Palo Alto said it was acquiring CyberArk (NASDAQ:CYBR) in a nearly $25B deal.

Following the report, CyberArk's share price has jumped 12.56% on Nasdaq, giving the company a market cap of $21.7 billion, an all-time high, so any deal would be one of the biggest tech mergers this year. CyberArk focuses on enterprise identity management.

According to people familiar with the situation, Palo Alto Networks (NASDAQ: PANW) is in advanced talks to buy Israeli cybersecurity company CyberArk Software (NASDAQ: CYBR). This could turn out to be one of the biggest tech transactions of the year.