Here’s Why AzurRx BioPharma, Lions Gate Entertainment, Barracuda Networks and Two Other Stocks Are on the Move Today

Fortinet Inc. (NASDAQ:FTNT), another cybersecurity stock, has plunged by 12% after the company reduced its guidance for the third quarter. Fortinet now expects its revenue to be in the range of $311 million to $316 million, down from previous estimate of $319-$324 million. Its EPS forecast has also been slashed to $0.15-$0.16 from $0.17-$0.18. The company has attributed the cut to prolonged deal cycles owing to more strategic purchasing decisions by corporates. On the back of the updated guidance, Goldman Sachs removed Fortinet Inc. (NASDAQ:FTNT) from its ‘Conviction Buy’ list, but maintained a ‘Buy’ rating and slashed the price target to $36 from $46. Analyst Gabriela Borges mentioned Fortinet’s positioning and valuation among positive catalysts for the stock. On the back of Fortinet’s lower guidance, a number of its industry peers were dragged lower today, including FireEye Inc. (NYSE:FEYE), which has lost around 2.30% so far today.

A total of 26 hedge funds from our database have positions in Fortinet worth about $227 million as of the end of June compared to $274 million were held by 27 funds a quarter earlier. The number of funds long FireEye Inc. (NYSE:FEYE) declined by one to 27 during the second quarter, while the total value of their holdings fell to $261 million from $280 million.

Lions Gate Entertainment Corp (USA) (NYSE:LGF) is trading marginally low amid the company’s announcement  about the departure of Bobby Cohen, co-president of production. The studio is seeing a flurry of high profile departures. Rob Friedman, the co-chair of Lionsgate Motion Picture Group left in September. Cohen’s position will likely be assumed by Peter Kang, also a co-president of production with the company. A total of 40 funds tracked by us held shares of Lions Gate Entertainment at the end of June, compared to 32 funds a quarter earlier.

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