Why Cybersecurity Stocks Are Trading Lower Today

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Cybersecurity stocks including FireEye Inc (NASDAQ:FEYE), CrowdStrike Holdings Inc (NASDAQ:CRWD) and Zscaler Inc (NASDAQ:ZS) are trading lower Friday after FireEye reported worse-than-expected second-quarter financial results. 

FireEye reported quarterly earnings of 9 cents per share, which was inline with estimates. The company reported quarterly revenue of $248 million, which came in below the estimate of $248.98 million. 

FireEye said it expects revenue in the third quarter to be in a range of $118 million to $122 million. 

The company noted that it repurchased $68 million in common stock during the second quarter.

“With the elevated threat environment, organizations are increasingly turning to Mandiant to proactively assess whether they are prepared and protected before a breach occurs,” said Kevin Mandia, CEO of FireEye.

Following the earnings report, Baird analyst Jonathan Ruykhaver downgraded FireEye from Outperform to Neutral and lowered the price target from $24 to $20.

Price Action: At last check Friday, FireEye was down 15.80% at $16.92, CrowdStrike was down 3.14% at $257.29 and Zscaler was down 3.12% at $239.94.

Photo by Pete Linforth from Pixabay.

https://markets.businessinsider.com/news/stocks/why-cybersecurity-stocks-are-trading-lower-today-1030702004

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