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Fortinet Inc: The Winning Streak Continues (FTNT)

By Shiri Gupta

Fortinet Inc (NASDAQ:FTNT) traded at a new 52-week high today of $64.74. This new high was reached on below average trading volume as 478,000 shares traded hands, while the average 30-day volume is approximately 1.6 million shares.

Based on a current price of $64.22, Fortinet Inc is currently 6.8% above its average consensus analyst price target of $59.86. The stock should discover initial support at its 50-day moving average (MA) of $58.12 and subsequent support at its 200-day MA of $47.19.

Over the past year, Fortinet Inc has traded in a range of $35.44 to $64.74 and is now at $64.22, 81% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.1%.

Fortinet Inc. provides network security solutions. The Company offers network security appliances, related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping.

SmarTrend recommended that subscribers consider buying shares of Fortinet Inc on November 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.18. Since that recommendation, shares of Fortinet Inc have risen 55.7%. We continue to monitor FTNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows Fortinet Inc

Ticker(s): FTNT