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

Mutual of America Capital Management LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,039 shares of the software maker’s stock after selling 4,595 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortinet were worth $8,534,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Eagle Capital Management LLC boosted its stake in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after buying an additional 141 shares during the period. OneDigital Investment Advisors LLC boosted its stake in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after buying an additional 141 shares during the period. Parallel Advisors LLC boosted its stake in Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares during the period. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. Finally, Simplicity Wealth LLC boosted its stake in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $91.88 on Tuesday. The firm has a market capitalization of $70.42 billion, a P/E ratio of 46.40, a P/E/G ratio of 2.82 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $81.10 and its two-hundred day moving average is $69.51.

Analysts Set New Price Targets

Several research analysts have weighed in on FTNT shares. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. TD Cowen increased their target price on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.52.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 18.00% of the company’s stock.

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.