TD Asset Management Inc lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 44.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,046,212 shares of the software maker’s stock after selling 842,937 shares during the quarter. TD Asset Management Inc owned approximately 0.14% of Fortinet worth $71,467,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Fortinet in the 4th quarter valued at about $203,501,000. Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the 1st quarter valued at $120,746,000. Parnassus Investments LLC raised its position in shares of Fortinet by 223.6% during the fourth quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock worth $79,979,000 after acquiring an additional 944,161 shares during the last quarter. Carmignac Gestion lifted its stake in shares of Fortinet by 3,383.8% during the fourth quarter. Carmignac Gestion now owns 720,902 shares of the software maker’s stock valued at $42,194,000 after acquiring an additional 700,209 shares during the period. Finally, Van ECK Associates Corp increased its position in Fortinet by 17.6% in the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock worth $171,313,000 after purchasing an additional 438,476 shares during the period. 83.71% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Fortinet
In related news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, Director William H. Neukom acquired 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 91,913 shares of company stock valued at $5,608,349. Corporate insiders own 18.00% of the company’s stock.
Analyst Ratings Changes
Check Out Our Latest Research Report on FTNT
Fortinet Stock Down 0.2 %
Shares of NASDAQ FTNT traded down $0.09 during midday trading on Friday, reaching $58.04. 2,113,886 shares of the company’s stock traded hands, compared to its average volume of 5,744,353. The stock’s 50 day simple moving average is $59.89 and its 200-day simple moving average is $63.85. The company has a market cap of $44.34 billion, a price-to-earnings ratio of 37.95, a P/E/G ratio of 2.88 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $79.37.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 earnings per share. Equities analysts predict that Fortinet, Inc. will post 1.47 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.
See Also
- Five stocks we like better than Fortinet
- Dividend Screener: How to Evaluate Dividend Stocks Before Buying
- Safeguard Against Credit Card Risks with This Top Financial Stock
- 3 Warren Buffett Stocks to Buy Now
- Streaming Titan’s Stock Ready to Hit All-Time Highs This Year
- How Investors Can Find the Best Cheap Dividend Stocks
- Home Building Stock Hits 52-Week High With More Upside
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT – Free Report).
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.