Short Sellers Back Off Cybersecurity Stocks
The May 31 short interest data have been compared with the previous figures, and short interest in most of the selected cybersecurity stocks decreased.
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 companies like JPMorgan and Home Depot. 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.
What is interesting here is that many investors think cybersecurity is the next area in technology that needs real consolidation.
The May 31 short interest data have been compared with the previous figures, and short interest in most of the selected cybersecurity stocks decreased.
FireEye Inc. (NASDAQ: FEYE) saw its short interest decrease to 31.29 million shares from the previous reading of 32.09 million. Shares were last seen at $14.84, in a 52-week trading range of $10.35 to $18.42.
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The short interest at CyberArk Software Ltd. (NASDAQ: CYBR) decreased to 2.01 million shares from the previous level of 2.08 million. Shares were trading at $46.44, within a 52-week range of $44.13 to $59.28.
Check Point Software Technologies Ltd.’s (NASDAQ: CHKP) short interest increased to 6.00 million shares from with the previous reading of 5.19 million. Shares were trading at $108.25, in a 52-week range of $74.34 to $115.87.
The number of Palo Alto Networks Inc. (NYSE: PANW) shares short was 7.79 million. The previous level was 7.99 million. Shares were trading at $131.00, within a 52-week range of $107.31 to $165.69.
Fortinet Inc.’s (NASDAQ: FTNT) short interest decreased slightly to 5.54 million shares from its previous reading of 5.62 million. Shares were trading at $36.55, in a 52-week trading range of $28.51 to $41.33.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
