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Downgrade Alert for Fortinet (FTNT)

By Shiri Gupta

Fortinet (NASDAQ:FTNT) was downgraded from Buy to Hold at Deutsche Bank today. The stock closed yesterday at $27.21 on volume of 2.7 million shares, above average daily volume of 2.6 million.

Potential upside of 76.9% exists for Fortinet, based on a current level of $27.21 and analysts' average consensus price target of $48.13. The stock should run into initial resistance at its 50-day moving average (MA) of $31.78 and subsequent resistance at its 200-day MA of $38.97.

In the past 52 weeks, shares of Fortinet have traded between a low of $23.64 and a high of $50.31 and closed yesterday at $27.21, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.3%.

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 recommended that its subscribers protect gains by selling shares of Fortinet on October 23rd, 2015 by issuing a Downtrend alert when the shares were trading at $34.87. Since that call, shares of Fortinet have fallen 22.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades fortinet

Ticker(s): FTNT