Downgrade Alert for Fortinet (FTNT)
Fortinet (NASDAQ:FTNT) was downgraded from Buy to Hold at Wunderlich today. The stock closed yesterday at $21.05 on volume of 2.3 million shares, below average daily volume of 2.3 million.
Fortinet share prices have moved between a 52-week high of $28.82 and a 52-week low of $17.53 and closed yesterday at 20% above that low price at $21.05 per share. The 200-day and 50-day moving averages have moved 0.48% lower and 0.67% higher over the past week, respectively.
Potential upside of 24.6% exists for Fortinet, based on a current level of $21.05 and analysts' average consensus price target of $26.23. Fortinet shares should encounter resistance at the 200-day moving average (MA) of $22.74 and support at the 50-day MA of $19.85.
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.
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