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

Mutual of America Capital Management LLC decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 110,039 shares of the software maker’s stock after selling 4,595 shares during the period. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $8,534,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Eagle Capital Management LLC grew its position in Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the last quarter. OneDigital Investment Advisors LLC grew its position in Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the last quarter. Parallel Advisors LLC lifted its stake in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the period. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. Finally, Simplicity Wealth LLC lifted its stake in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $91.88 on Tuesday. Fortinet, Inc. has a 52-week low of $50.65 and a 52-week high of $100.59. The firm has a market capitalization of $70.42 billion, a price-to-earnings ratio of 46.40, a PEG ratio of 2.82 and a beta of 1.00. The company has a fifty day simple moving average of $81.10 and a 200-day simple moving average of $69.51. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective for the company. in a research note on Thursday, October 17th. TD Cowen lifted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada boosted their target price on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $79.52.

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.