Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by Bank of America Corp DE

Bank of America Corp DE cut its stake in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 916,558 shares of the software maker’s stock after selling 62,066 shares during the period. Bank of America Corp DE owned approximately 0.57% of Fortinet worth $313,225,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rise Advisors LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $25,000. GW&K Investment Management LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $25,000. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the first quarter valued at approximately $26,000. Riverview Trust Co bought a new position in shares of Fortinet in the first quarter valued at approximately $33,000. Finally, Castleview Partners LLC acquired a new stake in Fortinet during the fourth quarter valued at approximately $36,000. 65.72% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of FTNT opened at $50.74 on Tuesday. Fortinet, Inc. has a 12 month low of $47.37 and a 12 month high of $74.35. The company’s fifty day moving average is $54.19 and its 200-day moving average is $59.57. The company has a quick ratio of 1.05, a current ratio of 1.12 and a debt-to-equity ratio of 4.24. The firm has a market cap of $40.01 billion, a price-to-earnings ratio of 62.64, a price-to-earnings-growth ratio of 3.58 and a beta of 1.20.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. Deutsche Bank Aktiengesellschaft increased their target price on shares of Fortinet from $60.00 to $63.00 in a research note on Thursday, August 4th. UBS Group cut their target price on shares of Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, August 4th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday, September 13th. Morgan Stanley cut their target price on shares of Fortinet to $66.00 and set an “equal weight” rating for the company in a research note on Monday, June 27th. Finally, BMO Capital Markets reduced their price target on shares of Fortinet from $70.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, August 4th. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $71.84.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 8,267 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the transaction, the vice president now directly owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Keith Jensen sold 39,440 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the completion of the transaction, the chief financial officer now owns 4,541 shares of the company’s stock, valued at $229,638.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total value of $501,310.88. Following the sale, the vice president now directly owns 29,772,120 shares in the company, valued at $1,805,381,356.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,207 shares of company stock worth $2,839,577. 18.80% of the stock is owned by insiders.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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