Mutual of America Capital Management LLC Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mutual of America Capital Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 114,634 shares of the software maker’s stock after buying an additional 7,086 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $6,909,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of FTNT. Alpha Family Trust acquired a new position in shares of Fortinet in the second quarter worth $226,000. Renaissance Technologies LLC raised its stake in Fortinet by 15.0% in the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Fortinet by 38.1% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 22,468 shares of the software maker’s stock valued at $1,354,000 after purchasing an additional 6,193 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Fortinet during the 2nd quarter worth about $7,283,000. Finally, Fairfield Financial Advisors LTD purchased a new stake in shares of Fortinet during the second quarter worth about $194,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.3 %

Shares of FTNT opened at $75.66 on Friday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The stock has a 50-day moving average price of $68.20 and a 200 day moving average price of $65.14. The company has a market capitalization of $57.80 billion, a P/E ratio of 49.45, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. BMO Capital Markets increased their target price on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Thursday, August 8th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $71.57.

Insider Activity

In other news, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is currently owned by corporate insiders.

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.