Mutual of America Capital Management LLC Sells 7,432 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mutual of America Capital Management LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,489 shares of the software maker’s stock after selling 7,432 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $6,291,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its stake in Fortinet by 2.1% in the second quarter. Alliancebernstein L.P. now owns 28,859,057 shares of the software maker’s stock valued at $2,181,456,000 after acquiring an additional 595,952 shares during the period. State Street Corp raised its holdings in shares of Fortinet by 2.1% in the 1st quarter. State Street Corp now owns 25,395,593 shares of the software maker’s stock worth $1,687,787,000 after buying an additional 527,129 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fortinet by 1.0% during the 1st quarter. Geode Capital Management LLC now owns 15,178,603 shares of the software maker’s stock worth $1,007,182,000 after buying an additional 147,048 shares during the period. Moneta Group Investment Advisors LLC grew its position in Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the period. Finally, Nordea Investment Management AB raised its stake in Fortinet by 156.8% during the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,147 shares of company stock worth $7,424,394. 17.54% of the stock is currently owned by insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $66.45 on Friday. The stock has a market capitalization of $50.70 billion, a price-to-earnings ratio of 45.83, a price-to-earnings-growth ratio of 3.03 and a beta of 1.08. The company has a fifty day moving average of $68.91 and a 200-day moving average of $61.34. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Morgan Stanley increased their target price on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target on the stock. in a research report on Wednesday, February 7th. Susquehanna reissued a “neutral” rating and issued a $80.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. Finally, Royal Bank of Canada raised their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $72.35.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.