TD Asset Management Inc. Buys 16,429 Shares of Fortinet, Inc. (NASDAQ:FTNT)

TD Asset Management Inc. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,117,638 shares of the software maker’s stock after acquiring an additional 16,429 shares during the period. TD Asset Management Inc.’s holdings in Fortinet were worth $105,594,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of FTNT. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at about $46,000. Runnymede Capital Advisors Inc. bought a new stake in Fortinet in the 4th quarter worth approximately $56,000. LFA Lugano Financial Advisors SA raised its holdings in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA boosted its position in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after acquiring an additional 307 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of Fortinet in the fourth quarter valued at $65,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,988 shares of company stock worth $59,094,530 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Up 2.3 %

Fortinet stock opened at $102.09 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm has a market cap of $78.50 billion, a P/E ratio of 45.17, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a fifty day moving average of $102.65 and a two-hundred day moving average of $92.89. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTNT. Scotiabank upped their price target on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research note on Friday, February 7th. UBS Group set a $123.00 target price on shares of Fortinet in a research report on Tuesday, March 18th. Piper Sandler reiterated an “overweight” rating and issued a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $105.69.

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.