Fortinet falls 4% on heavy volume day after presentation

Dec. 01, 2021 12:08 PM ETFortinet, Inc. (FTNT)CRWD, OKTA, ZSBy: Chris Ciaccia, SA News Editor

Some cybersecurity stocks are dropping on Wednesday, notably Fortinet (NASDAQ:FTNT), which is falling more than 4% on heavy volume one day after the company presented at the Wells Fargo TMT Summit 2021 Conference.
Fortinet (FTNT) shares are down 4.13% to $318.40, with 790,000 shares having been traded by 12 p.m. EST. The average daily volume is just over 900,000 shares.
At the Wells Fargo conference, Fortinet (FTNT) Chief Financial Officer Keith Jensen said the company has "about five months of inventory on hand," compared to other competitors, which operate on a "just in time inventory model" which may have hurt them during the pandemic.
Other cybersecurity names like Crowdstrike Holdings (NASDAQ:CRWD) and Okta (NASDAQ:OKTA) are also down 3.2% and 2.7%, respectively.
On Wednesday, Wedbush Securities boosted its price target on Zscaler (NASDAQ:ZS) to $400 after the IT security company delivered a "jaw dropper" quarter, growing revenue nearly 62% year-over-year.
The move to the downside comes after Zscaler (ZS) reported first-quarter results that were better-than-expected.