TIAA Trust National Association Acquires New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

TIAA Trust National Association bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,248 shares of the software maker’s stock, valued at approximately $427,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC lifted its holdings in shares of Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock valued at $2,411,000 after purchasing an additional 38,751 shares during the period. LGT Group Foundation grew its position in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Finally, Y.D. More Investments Ltd increased its holdings in shares of Fortinet by 101.4% during the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock worth $3,627,000 after purchasing an additional 31,198 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. Guggenheim reiterated a “buy” rating and issued a $81.00 target price on shares of Fortinet in a research note on Tuesday, June 25th. JPMorgan Chase & Co. decreased their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Scotiabank lowered their price objective on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday, June 30th. Finally, Susquehanna lowered their price target on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $69.90.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,913 shares of company stock worth $5,608,349. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $0.35 during trading on Friday, reaching $58.48. The company had a trading volume of 8,563,233 shares, compared to its average volume of 5,148,233. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $79.37. The business’s 50 day moving average price is $59.89 and its 200-day moving average price is $63.94. The stock has a market cap of $44.68 billion, a PE ratio of 38.22, a PEG ratio of 2.85 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share 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.