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Analyst Rating Flashback: Fortinet Up 8.7% Since Downgraded 7 Days Ago (FTNT)

Published on Tue, 02/05/2013 - 10:10
By Peter Chu

Fortinet was downgraded from Buy to Hold by Wunderlich one week ago. Fortinet shares are selling at $22.89, 8.7% above the $21.05 price point of one week ago.

In the past 52 weeks, Fortinet share prices have been bracketed by a low of $17.53 and a high of $28.82 and are now at $22.69, 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.3%.

There is potential upside of 20.8% for shares of Fortinet based on a current price of $22.69 and an average consensus analyst price target of $27.40. The stock should find initial support at its 200-day moving average (MA) of $22.60 and further support at its 50-day MA of $20.22.

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.

By Peter Chu