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Mutual of America Capital Management LLC Cuts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Mutual of America Capital Management LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 103,514 shares of the software maker's stock after selling 3,210 shares during the period. Mutual of America Capital Management LLC's holdings in Fortinet were worth $9,964,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. SJS Investment Consulting Inc. lifted its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter valued at $27,000. ORG Partners LLC lifted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $35,000. Finally, Wayfinding Financial LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $36,000. Institutional investors own 83.71% of the company's stock.

Fortinet Stock Up 1.9%

NASDAQ FTNT traded up $1.96 during trading on Tuesday, reaching $104.93. 4,171,987 shares of the company's stock traded hands, compared to its average volume of 4,884,513. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market cap of $80.32 billion, a price-to-earnings ratio of 43.18, a price-to-earnings-growth ratio of 3.55 and a beta of 1.06. The company's 50 day simple moving average is $103.07 and its two-hundred day simple moving average is $101.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FTNT. Rosenblatt Securities restated a "buy" rating and issued a $125.00 target price on shares of Fortinet in a report on Tuesday, June 17th. Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. BMO Capital Markets lowered their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday. Finally, KeyCorp lowered their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $106.14.

Get Our Latest Stock Report on Fortinet

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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