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FTNT Earnings Push Cyber Stocks Higher

At first blush, cybersecurity stocks might seem indispensible. They are, after all, some of the only things that can keep us safe from ransomware and the like, aside from some basic online etiquette and behavior practices. And, of course, offline backups. But still, cybersecurity is gaining, and two stocks in particular are doing quite well: Fortinet (NASDAQ:FTNT) and Tenable (NASDAQ:TENB).

Fortinet recently turned in its earnings report, and delivered a winner. The stock soared past guidance, even though its overall figures were mixed. But the wins didn’t stop there for Fortinet, as Wedbush’s Dan Ives came out with good news. Ives noted that the results were “generally solid,” even if the revenue figure did slightly falter against expectations. In fact, Ives pointed out that the rest of Fortinet’s metrics all turned out much better than expected.

Ives’ positivity carried on to Tenable as well. Ives pointed out that Tenable offered “solid” guidance for 2023. That should keep investors’ outlook on the stock positive overall. Further, Tenable’s increased presence in both corporate and government data systems lends extra credibility to what Ives called “…the 2023 growth story.”.

Further gains in cybersecurity also showed up for Palo Alto Networks (NASDAQ:PANW). Recent coverage from the Motley Fool called it an excellent “…pure play in the cybersecurity market”. It even called Palo Alto stock a “top beneficiary” of what IT spending is left. It also saw substantial gains beyond that assessment. The rising tide for cybersecurity firms, led by Fortinet and Tenable also lent a hand.

Finally, a look at the last five days in trading for the First Trust NASDAQ Cybersecurity ETF (CIBR) demonstrates the overall gains seen in the cybersecurity sector of late.


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