NET - Why Fortinet SentinelOne CrowdStrike and Other Cybersecurity Stocks Plunged Wednesday Morning
2024-02-21 14:50:47 ET
A number of cybersecurity companies slumped out of the gate Wednesday morning and never looked back. As of 1:35 p.m. ET, shares of Zscaler (NASDAQ: ZS) had plunged by 13.9%, SentinelOne (NYSE: S) was down 10.8%, CrowdStrike Holdings (NASDAQ: CRWD) had tumbled by 9.4%, Fortinet (NASDAQ: FTNT) was off by 4.2%, and Cloudflare (NYSE: NET) had lost 4.2%.
A check of all the usual sources -- regulatory filings, analyst commentary, and financial reports -- found no company-specific news fueling these declines, suggesting the stock price moves were driven by the dismal outlook and strategy shift by a rival in the space.
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Why Fortinet, SentinelOne, CrowdStrike, and Other Cybersecurity Stocks Plunged Wednesday Morning