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CrowdStrike Holdings (NASDAQ:CRWD), Fortinet (NASDAQ:FTNT) and other network-security stocks flexed their muscles on Monday, joining the rally on high earnings from Zscaler (Nasdaq: HP).
Before the start of trading, Zscaler (ZS) said Expecting revenue for the quarter to be between $415M and $419M, it previously forecast $397M for the midpoint of the revenue range. Zscaler (ZS) raised its full-year revenue outlook to $1.59B from $1.56B to $1.58B.
Zscaler’s ( ZS ) shares are up more than 22 percent on the outlook. And that outlook has given investors hope that enterprise spending will continue to rise this year, leading to better sales in the sector this year.
Meanwhile, CrowdStrike ( CRWD ) rose nearly 8%, Fortinet ( FTNT ) shares gained 2%, Palo Alto Networks ( PANW ) and Cloudflare ( NET ) both rose more than 4%, and Datadog ( DDog ) was almost flat. 2%
More on security stocks and earnings:
As a result, Fortnite’s stock soared, a view that earned Wall Street praise
Cloudflare stock rose 8% on a mild new Guggenheim upgrade.
Datadog stock rose 14% on the results, a full-year guidance increase
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