TIAA Trust National Association Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

TIAA Trust National Association trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.5% in the fourth quarter, HoldingsChannel reports. The firm 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 and hedge funds also recently modified their holdings of FTNT. FineMark National Bank & Trust increased its holdings in Fortinet by 2.9% during the fourth quarter. FineMark National Bank & Trust now owns 5,260 shares of the software maker’s stock worth $497,000 after buying an additional 150 shares during the last quarter. TD Asset Management Inc. increased its holdings in shares of Fortinet by 1.5% in the fourth quarter. TD Asset Management Inc. now owns 1,117,638 shares of the software maker’s stock worth $105,594,000 after purchasing an additional 16,429 shares during the period. Prudential Financial Inc. increased its stake in Fortinet by 104.2% in the 4th quarter. Prudential Financial Inc. now owns 826,136 shares of the software maker’s stock worth $78,053,000 after acquiring an additional 421,569 shares during the last quarter. Interchange Capital Partners LLC purchased a new stake in Fortinet in the fourth quarter valued at approximately $460,000. Finally, Sheets Smith Investment Management purchased a new stake in shares of Fortinet during the 4th quarter valued at $1,495,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $96.60 on Friday. The stock has a 50-day simple moving average of $102.97 and a two-hundred day simple moving average of $93.14. The firm has a market capitalization of $74.28 billion, a PE ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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%. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock valued at $59,094,530. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research reports. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Citigroup boosted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. UBS Group set a $123.00 target price on Fortinet in a research note on Tuesday, March 18th. Finally, KeyCorp raised shares of Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet Company 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.