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.