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Recent 52-Week High Exceeded in Shares of Fortinet Inc (FTNT)

By David Diaz

Shares of Fortinet Inc (NASDAQ:FTNT) traded today at $90.49, breaking its 52-week high. So far today approximately 265,000 shares have been exchanged, as compared to an average 30-day volume of 1.5 million shares.

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.

Based on a current price of $90.37, Fortinet Inc is currently 33.8% above its average consensus analyst price target of $59.86. The stock should discover initial support at its 50-day moving average (MA) of $73.75 and subsequent support at its 200-day MA of $57.71.

Over the past year, Fortinet Inc has traded in a range of $35.44 to $90.49 and is now at $90.37, 155% above that low. The 200-day and 50-day moving averages have moved 1.22% higher and 2.08% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Fortinet Inc on August 2nd, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.94. Since that recommendation, shares of Fortinet Inc have risen 23.3%. 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