Cybersecurity has become an increasingly important issue that companies have to address as they continue to develop new platforms and mobile apps. Hackers have been able to steal credit card and personal information from major retailers like Home Depot and Target. As a result, cybersecurity has become more necessary, and instead of developing a dedicated department within a company, most opt to hire a third-party cybersecurity firm.
The June 15 short interest data have been compared with the previous figures, and short interest moves for the selected cybersecurity stocks were mixed. What is interesting here is that many investors think cybersecurity is the next area that needs real consolidation in technology. That would mean mergers.
Unfortunately, many of the share prices in this sector have been battered down hard enough that the companies might not be able to accept a low-ball offer. Then there is the other side of the coin – valuations remain astronomical on traditional investing metrics. The changes seen resemble non-directional moves, so is it possible that cybersecurity short sellers have become confused?
FireEye Inc. (NASDAQ: FEYE) saw its short interest decrease slightly to 20.68 million shares from the previous reading of 20.90 million. Shares closed Friday at $15.56, in a 52-week trading range of $11.35 to $50.94.
CyberArk Software Ltd. (NASDAQ: CYBR) saw its short interest rise if only slightly to 1.74 million shares from the previous level of 1.70 million. Shares closed Friday at $48.35, within a 52-week range of $31.50 to $65.50.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) short interest increased to 11.46 million shares from the previous reading of 10.52 million. Shares closed most recently at $78.17, in a 52-week range of $65.09 to $89.98.
Palo Alto Networks Inc. (NYSE: PANW) saw the number of its shares short increase to 6.46 million from the previous level of 6.05 million. Shares closed Friday at $121.78, within a 52-week range of $111.09 to $200.55. Palo Alto was also featured recently for key insider selling of shares.
Fortinet Inc. (NASDAQ: FTNT) short interest increased to 4.98 million shares, from its previous reading of 4.83 million. Shares closed Friday at $31.91, in a 52-week trading range of $23.16 to $50.31.
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