4,767 Shares in Fortinet, Inc. $FTNT Purchased by TD Private Client Wealth LLC

TD Private Client Wealth LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,767 shares of the software maker’s stock, valued at approximately $504,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dover Advisors LLC boosted its holdings in shares of Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after buying an additional 94 shares during the period. Peloton Wealth Strategists lifted its holdings in Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after acquiring an additional 100 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Fortinet by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after acquiring an additional 102 shares during the period. Hemington Wealth Management grew its holdings in shares of Fortinet by 16.6% during the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock valued at $72,000 after purchasing an additional 107 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its position in shares of Fortinet by 0.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker’s stock worth $1,187,000 after purchasing an additional 107 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Truist Financial dropped their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company reduced their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Finally, KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet Trading Up 1.3%

Shares of NASDAQ:FTNT opened at $84.32 on Friday. The stock has a market capitalization of $64.61 billion, a price-to-earnings ratio of 33.59, a PEG ratio of 3.18 and a beta of 1.12. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a 50 day moving average price of $85.36 and a 200 day moving average price of $95.44. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.