Mutual of America Capital Management LLC Cuts Stock Holdings in Fortinet, Inc. $FTNT

Mutual of America Capital Management LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 101,786 shares of the software maker’s stock after selling 1,728 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $10,761,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dover Advisors LLC grew its position in Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after buying an additional 94 shares during the period. Hemington Wealth Management grew its position in Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after buying an additional 99 shares during the period. Peloton Wealth Strategists grew its position in Fortinet by 2.4% during the first 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. Trust Co. of Vermont grew its position in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares during the period. Finally, Board of the Pension Protection Fund grew its position in Fortinet by 4.5% during the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after buying an additional 100 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 0.4%

Shares of NASDAQ FTNT opened at $83.44 on Monday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm’s 50 day moving average price is $81.25 and its 200 day moving average price is $94.10. The firm has a market cap of $63.94 billion, a P/E ratio of 33.24, a price-to-earnings-growth ratio of 3.14 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. TD Cowen reiterated a “hold” rating and issued a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Finally, Evercore ISI lowered their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

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.