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.
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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.
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