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Stock Investors Sell Off Shares of Fortinet, Down 4.2%

Published on Mon, 06/24/2013 - 11:13
By Robert Cotter

Down 4.2% to $16.62, Fortinet (NASDAQ:FTNT), is one of today's notable movers. The Dow is down 1.2% to 14,622 and the S&P is currently down 1.4% to 1,570.

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.

There is potential upside of 34.1% for shares of Fortinet based on a current price of $16.62 and an average consensus analyst price target of $22.29. The stock should find initial resistance at its 50-day moving average (MA) of $18.22 and further resistance at its 200-day MA of $21.17.

In the past 52 weeks, Fortinet share prices have been bracketed by a current low of $16.61 and a high of $28.23 and are now at $16.62. The 200-day and 50-day moving averages have moved 1.01% lower and 1.93% lower over the past week, respectively.

By Robert Cotter
rcotter@fnno.com

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