FireEye Stock Gains, Federal Sales Strong Amid Security Conference

By Daily Tribune

FireEye (FEYE) stock surged Thursday following its cybersecurity conference in Washington, D.C., where the company showcased a revamped product portfolio and its Helix analytics platform.

FireEye stock climbed 2.3% to close at 17.35 on the stock market today, bucking a broad sell-off in tech stocks. The FireEye Cyber Defense Summit targets federal agencies. The security software maker provides web, email and malware security software to businesses and government agencies.

“Checks with key contacts and federal procurement websites suggest that Q3 was a solid federal quarter for the company,” KeyBanc Capital Markets analyst Rob Owen said in a note to clients.

The Milpitas, Calif.-based company reports third-quarter earnings after the market close on Oct. 30.

FireEye stock is about even with a year ago, including Thursday`s gain. It is trading about 10% below a technical buy point of 19.46.

FireEye`s Low Composite Rating

While analysts see some bright spots, FireEye has a poor Composite Rating of 56 out of a possible 99.

Cybersecurity stocks Fortinet (FTNT), Palo Alto Networks (PANW) and CyberArk Software (CYBR) have the highest Composite Ratings in the Computer-Software Security group. It`s ranked No. 30 out of 197 industry groups tracked by IBD.

FireEye stock has been rising since it reported second-quarter earnings. Billings a sales growth metric were a bright spot.

FireEye reported billings of $196.1 million, up 13% from a year earlier, topping estimates of $188.6 million.

This article provided by NewsEdge.