What's Going On With Palo Alto, CrowdStrike And Zscaler Shares?

Shares of several cybersecurity companies are trading lower Thursday in sympathy with Fortinet Inc FTNT, which fell after the company reported third-quarter financial results.

Some of the biggest movers in the cybersecurity space include Palo Alto Networks Inc PANW, CrowdStrike Holdings Inc CRWD and Zscaler Inc ZS.

What Happened: Fortinet said third-quarter revenue increased 32.6% year-over-year to $1.15 billion, which beat average analyst estimates of $1.12 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 33 cents per share, which beat average estimates of 27 cents per share.

Fortinet expects fourth-quarter revenue to be between $1.275 billion and $1.315 billion versus average analyst estimates of $1.27 billion. The company expects full-year 2022 revenue to be between $4.41 billion and $4.45 billion.

Several analysts also lowered price targets on the stock in the wake of the company's quarterly results, pointing to weak billings guidance, a common measure of future sales growth.

Fortinet reported billings of $1.41 billion in the third quarter and guided for billings in a range of $1.665 billion to $1.72 billion in the fourth quarter. 

See Also: What's Going On With Qualcomm Stock?

PANW, CRWD, ZS Price Action: At publication time, Palo Alto was down 6.05% at $152, CrowdStrike was down 2.01% at $145.03 and Zscaler was down 3.22% at $133.64, according to Benzinga Pro.

Photo: Darwin Laganzon from Pixabay.