NEW YORK ( TheStreet) -- Fortinet (Nasdaq: FTNT) hit a new 52-week high Thursday as it traded at $42.50 compared with its previous 52-Week high of $42.02. Fortinet is changing hands at $42.23 with 511,848 shares traded as of 12:17 p.m. ET. Average volume has been 769,700 shares over the past 30 days.

Fortinet has a market cap of $3 billion and is part of the technology sector and computer hardware industry. Shares are up 24.8% year to date as of the close of trading on Wednesday.

Fortinet, Inc., together with its subsidiaries, provides network security appliances and unified threat management (UTM) network security solutions to enterprises, service providers, and government entities worldwide. The company has a P/E ratio of 74.8, equal to the average computer hardware industry P/E ratio and above the S&P 500 P/E ratio of 21.5.

TheStreet Ratings rates Fortinet as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and feeble growth in the company's earnings per share. You can view the full Fortinet Ratings Report.

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