CrowdStrike, Palo Alto Networks And Zscaler Shares Are Rising: What's Going On?

Several cybersecurity names are trading higher Wednesday in sympathy with Fortinet Inc FTNT, which jumped after the company reported fourth-quarter results and issued strong guidance. 

CrowdStrike Holdings Inc CRWD, Palo Alto Networks Inc PANW and Zscaler Inc ZS are among the biggest movers.

What Happened: Fortinet said fourth-quarter revenue increased 33% year-over-year to $1.28 billion, which missed consensus estimates of $1.29 billion. The cybersecurity company reported fourth-quarter adjusted earnings of 44 cents per share, which beat average analyst estimates of 39 cents per share.

Fortinet sees first-quarter revenue between $1.18 billion and $1.22 billion versus estimates of $1.18 billion. First-quarter adjusted earnings are expected to be in a range of 27 cents to 29 cents per share versus estimates of 27 cents per share.

Fortinet expects full-year 2023 revenue to be between $5.37 billion and $5.43 billion versus estimates of $5.36 billion. The company sees full-year adjusted earnings in a range of $1.39 to $1.41 per share versus estimates of $1.39 per share. 

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CRWD, PANW, ZS Price Action: At publication time, CrowdStrike was up 2.51% at $117.47, Palo Alto was up 4.16% and $166.36 and Zscaler was up 2.03% at $140.86, according to Benzinga Pro.

Photo: Robinraj Premchand from Pixabay.