Shares of Fortinet Inc. and Palo Alto Networks Inc. weighed on cybersecurity stocks but providing some buoyancy to the sector were shares of Cloudflare Inc.
Fortinet Inc.’s warning of “macro uncertainties” was weighing on the cybersecurity sector Friday, though at least one industry name managed to buck the trend.
Fortinet’s FTNT shares were on track for their worst one-day performance on record Friday, last down more than 22%, after the company reported that an “unusually large volume of deals” got pushed out of the latest quarter, while executives talked up macroeconomic challenges. Stifel analyst Adam Borg, with a buy rating and $72 price target on Fortinet, said the earnings report offered “a negative read-through for the broader cyber group, especially on top of the confusing signal sent by Palo’s unusual Friday post-close earnings/analyst day on 8/18.”
Notably, Cloudflare had claimed a similar problem to Fortinet’s, that deals were taking longer to close, in its earnings report back in April.
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