TD Asset Management Inc Has $71.47 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

TD Asset Management Inc lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) 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

FTNT has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. HSBC dropped their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Piper Sandler cut their price objective on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Robert W. Baird dropped their target price on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $69.90.

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) 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.