TIAA Trust National Association Has $247,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

TIAA Trust National Association decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,618 shares of the software maker’s stock after selling 183 shares during the quarter. TIAA Trust National Association’s holdings in Fortinet were worth $247,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FTNT. Golden State Wealth Management LLC bought a new stake in shares of Fortinet during the fourth quarter worth $46,000. Runnymede Capital Advisors Inc. acquired a new position in Fortinet during the fourth quarter valued at approximately $56,000. LFA Lugano Financial Advisors SA increased its position in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after buying an additional 490 shares in the last quarter. Private Trust Co. NA increased its holdings in shares of Fortinet by 95.0% in the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares in the last quarter. Finally, R Squared Ltd bought a new stake in Fortinet during the 4th quarter worth approximately $65,000. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the director now owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This represents a 9.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTNT. Morgan Stanley assumed coverage on Fortinet in a research note on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 price target on the stock. Rosenblatt Securities boosted their target price on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Wells Fargo & Company increased their price objective on shares of Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $105.69.

Fortinet Trading Down 3.0 %

NASDAQ FTNT opened at $96.60 on Friday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The business’s fifty day moving average is $102.97 and its 200 day moving average is $93.14.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.