Beverly Hills 11/19/2009 12:57:32 AM
News / Business

Fortinet Stocks High On First Day of Trading

Finance World News Update by EQUITIES Magazine

On the company’s first day of trading on the Nasdaq, Fortinet Inc. stocks are rising. The company, which provides unified threat management systems, priced its initial public offering of 12.5 million shares above the expected range of $9 to $11 per share at $12.50 each.

 

Investors are bidding stocks up 32 percent, or $4, to $32 in late-morning trading.

 

Last year, Fortinet had sales of roughly $212 million, with a net income of $7.4 million Based in Sunnyvale, California, the company’s systems combine security functions such as antivirus and firewall protection for computer networks.

 

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