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

By Shiri Gupta

Fortinet Inc (NASDAQ:FTNT) traded today at a new 52-week high of $54.95. So far today approximately 169,000 shares have been exchanged, as compared to an average 30-day volume of 2.2 million shares.

In the past 52 weeks, shares of Fortinet Inc have traded between a low of $28.50 and a high of $54.95 and are now at $54.65, which is 92% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.5%.

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 $54.65, Fortinet Inc is currently 5.3% above its average consensus analyst price target of $51.76. The stock should discover initial support at its 200-day moving average (MA) of $35.03 and subsequent support at its 50-day MA of $29.79.

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 32.8%. 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