TIAA Trust National Association Sells 1,838 Shares of Fortinet, Inc. $FTNT

TIAA Trust National Association lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,283 shares of the software maker’s stock after selling 1,838 shares during the period. TIAA Trust National Association’s holdings in Fortinet were worth $1,193,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Dover Advisors LLC lifted its stake in shares of Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares during the period. Balboa Wealth Partners increased its position in shares of Fortinet by 4.3% during the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares during the last quarter. Hemington Wealth Management increased its position in shares of Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares during the last quarter. Peloton Wealth Strategists boosted its holdings in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares during the period. Finally, Trust Co. of Vermont grew its position in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 2.6%

Fortinet stock opened at $85.22 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market capitalization of $65.30 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock’s fifty day moving average is $82.91 and its two-hundred day moving average is $93.33.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for 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 for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. Barclays cut their price target on shares of 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 research note on Thursday, August 7th. Wells Fargo & Company decreased their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Evercore ISI decreased their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Finally, TD Cowen reissued a “hold” rating and set a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $97.03.

About Fortinet

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.