TIAA Trust National Association Cuts Position in Fortinet, Inc. $FTNT

TIAA Trust National Association trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 14.0% during the second quarter, HoldingsChannel.com reports. The firm owned 11,283 shares of the software maker’s stock after selling 1,838 shares during the quarter. TIAA Trust National Association’s holdings in Fortinet were worth $1,193,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Plato Investment Management Ltd raised its holdings in shares of Fortinet by 25.4% in the 2nd quarter. Plato Investment Management Ltd now owns 16,068 shares of the software maker’s stock worth $1,692,000 after purchasing an additional 3,259 shares during the period. Bordeaux Wealth Advisors LLC raised its holdings in shares of Fortinet by 4.2% in the 2nd quarter. Bordeaux Wealth Advisors LLC now owns 6,181 shares of the software maker’s stock worth $653,000 after purchasing an additional 247 shares during the period. Kovack Advisors Inc. raised its holdings in shares of Fortinet by 24.8% in the 2nd quarter. Kovack Advisors Inc. now owns 6,525 shares of the software maker’s stock worth $690,000 after purchasing an additional 1,296 shares during the period. Pinnacle Associates Ltd. raised its holdings in shares of Fortinet by 280.0% in the 2nd quarter. Pinnacle Associates Ltd. now owns 12,942 shares of the software maker’s stock worth $1,368,000 after purchasing an additional 9,536 shares during the period. Finally, Buckhead Capital Management LLC raised its holdings in shares of Fortinet by 6.2% in the 2nd quarter. Buckhead Capital Management LLC now owns 43,269 shares of the software maker’s stock worth $4,574,000 after purchasing an additional 2,532 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FTNT shares. Wedbush dropped their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. BMO Capital Markets dropped their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, August 7th. Barclays dropped their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Price Performance

Shares of FTNT opened at $85.22 on Wednesday. The firm has a market cap of $65.30 billion, a price-to-earnings ratio of 33.95, a PEG ratio of 3.17 and a beta of 1.09. The stock has a 50 day moving average of $82.91 and a 200-day moving average of $93.33. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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.