Bank of America Corp DE cut its stake in Fortinet, Inc. (NASDAQ:FTNT – Get 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
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
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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