Fortinet June 15th Short Interest Update

Fortinet (NASDAQ:FTNT) has seen a rise of 149,886 shares or 3.1% in the short interest. The remaining shorts are 3.4% of the total floated shares. The net short interest, as on June 15,2016, stood at 4,984,828 shares and the stocks days to cover will be 4 by factoring in the average per day volume of 1,221,719 shares. On May 31,2016, 4,834,942 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.

Fortinet (NASDAQ:FTNT): The stock opened at $32.73 on Friday but the bulls could not build on the opening and the stock topped out at $33.02 for the day. The stock traded down to $31.78 during the day, due to lack of any buying support eventually closed down at $31.91 with a loss of -7.02% for the day. The stock had closed at $34.32 on the previous day. The total traded volume was 3,140,216 shares.

The company shares have dropped -21.40% from its 1 Year high price. On Aug 10, 2015, the shares registered one year high at $50.31 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $33.57 and the 200 Day Moving Average price is recorded at $30.23.

Fortinet (NASDAQ:FTNT) has tumbled 4.29% during the past week and has dropped 6.06% in the last 4 week period. The stocks are negative as compared to the S&P 500 for the past week with a loss of 2.7%. Fortinet (NASDAQ:FTNT) has underperformed the index by 3.22% in the last 4 weeks. Investors should watch out for further signals and trade with caution.

Fortinet, Inc. provides cyber security solutions to enterprise, service providers and government organizations across the world. The Companys network security solution consists of FortiGate physical and virtual appliance products that provide an array of integrated security and networking functions to protect data, applications and users from network-and content-level security threats. The Companys FortiGate appliances may be deployed as Next Generation Firewalls (NGFW), Data Center Firewalls (DCFW), Unified Threat Management (UTM) systems, Internal Network Firewall (INFW), Virtual Machine Firewalls or Cloud Firewalls. The FortiGate appliances range from the FortiGate-20 series for small businesses and branch offices to the FortiGate-5000 series for enterprises and service providers, and are based on its technology platform. Its security services are based on intelligence gathered by its FortiGuard Labs team.

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