[ad_1]
CNBC’s Jim Cramer sees a turnaround brewing for cybersecurity firm Fortinet . “They’re back,” he said Wednesday, one day after Fortinet delivered a great quarter. Shares of Fortinet rose 3.5% after the company reported beats on fourth-quarter earnings and revenue. The billings number was particularly strong. This was a relief after Fortinet dropped outlook bombs in November and August, which had dragged down the whole group back then. Guidance was all right this time around. Now “every cyber stock is now going up,” Cramer observed. Shares of Palo Alto Networks rallied 6.5% Wednesday to another all-time high, while other competitors including Okta and Zscaler were higher as well. Palo Alto Networks is a holding in Cramer’s Charitable Portfolio Trust, which is used as the portfolio for the CNBC Investing Club . Jim has a bullish outlook on the company given the high demand for its products. Cyber security is becoming a huge theme this year given the increase in the number of cyber-attacks targeting U.S. firms. Even Microsoft got hacked after a Russian intelligence group targeted email accounts of the software and cloud giant’s employees, including top executives in late January. Microsoft, also a Club name, has a growing cybersecurity business itself.
[ad_2]
Click Here For The Original Source.
