TIAA Trust National Association Purchases 10,503 Shares of Fortinet, Inc. (NASDAQ:FTNT)

TIAA Trust National Association grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 401.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,121 shares of the software maker’s stock after acquiring an additional 10,503 shares during the quarter. TIAA Trust National Association’s holdings in Fortinet were worth $1,263,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after acquiring an additional 404 shares in the last quarter. Brighton Jones LLC increased its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares in the last quarter. World Investment Advisors purchased a new stake in shares of Fortinet during the fourth quarter valued at $294,000. Smith Moore & CO. purchased a new stake in shares of Fortinet during the fourth quarter valued at $235,000. Finally, Oarsman Capital Inc. boosted its position in shares of Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after buying an additional 272 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Stifel Nicolaus dropped their price objective on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets dropped their price objective on Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group dropped their price objective on Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $107.00.

Fortinet Stock Up 1.2%

NASDAQ FTNT opened at $98.55 on Tuesday. The stock’s 50 day moving average is $103.17 and its 200 day moving average is $101.96. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock has a market cap of $75.43 billion, a PE ratio of 40.56, a P/E/G ratio of 3.36 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the firm earned $0.43 EPS. The firm’s revenue was up 13.8% compared to the same quarter last year. Research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, Director William H. Neukom bought 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 owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 18.00% of the stock is currently owned by insiders.

Fortinet Company 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.