Mutual of America Capital Management LLC Purchases 1,783 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Mutual of America Capital Management LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 114,921 shares of the software maker’s stock after purchasing an additional 1,783 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $6,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of FTNT. Moneta Group Investment Advisors LLC lifted its position in shares of Fortinet by 125,937.5% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after purchasing an additional 14,586,086 shares during the period. Norges Bank bought a new position in Fortinet in the fourth quarter worth about $312,964,000. Bank of Montreal Can purchased a new stake in Fortinet in the second quarter worth about $175,298,000. Robeco Institutional Asset Management B.V. boosted its position in Fortinet by 79.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after acquiring an additional 1,585,236 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Fortinet by 3,957.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,382,371 shares of the software maker’s stock worth $104,493,000 after acquiring an additional 1,348,299 shares during the period. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Mizuho raised their target price on Fortinet from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday. Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Scotiabank increased their price target on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a research note on Wednesday. Stifel Nicolaus lifted their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $71.13.

View Our Latest Report on Fortinet

Fortinet Trading Up 3.8 %

Shares of FTNT stock opened at $70.44 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The stock has a market capitalization of $54.09 billion, a P/E ratio of 48.58, a P/E/G ratio of 3.20 and a beta of 1.09. The firm’s 50 day moving average is $60.53 and its 200 day moving average is $59.36.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares in the company, valued at $3,108,269,590.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Keith Jensen sold 5,100 shares of Fortinet stock in a transaction on Friday, November 17th. The shares were sold at an average price of $51.00, for a total transaction of $260,100.00. Following the transaction, the chief financial officer now owns 4,586 shares in the company, valued at approximately $233,886. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 46,733 shares of the stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $60.12, for a total value of $2,809,587.96. Following the completion of the sale, the chief executive officer now owns 51,701,091 shares of the company’s stock, valued at approximately $3,108,269,590.92. The disclosure for this sale can be found here. Insiders sold 148,332 shares of company stock worth $8,704,410 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Fortinet Profile

(Free Report)

Fortinet, Inc provides cybersecurity and networking solutions worldwide. 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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