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Downgrade Alert for Fortinet (FTNT)

By Amy Schwartz

Fortinet (NASDAQ:FTNT) was downgraded from Overweight to Equal Weight at Stephens today. The stock closed yesterday at $30.66 on volume of 21.2 million shares, above average daily volume of 2.2 million.

Fortinet Inc. provides network security solutions. The Company offers network security appliances and 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.

Fortinet (NASDAQ:FTNT) has potential upside of 57.0% based on a current price of $30.66 and analysts' consensus price target of $48.13. The stock should find resistance at its 200-day moving average (MA) of $35.03, as well as support at its 50-day MA of $29.79.

Over the past year, Fortinet has traded in a range of $23.16 to $50.31 and closed yesterday at $30.66, 32% above that low. 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%.

SmarTrend is tracking the current trend status for Fortinet and will alert subscribers who have FTNT in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades fortinet

Ticker(s): FTNT