Fortinet, Inc. $FTNT Holdings Raised by TD Asset Management Inc

TD Asset Management Inc boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.1% in the second quarter, Holdings Channel reports. The institutional investor owned 1,202,124 shares of the software maker’s stock after acquiring an additional 193,055 shares during the quarter. TD Asset Management Inc’s holdings in Fortinet were worth $127,089,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Saudi Central Bank purchased a new stake in Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new stake in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its position in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares in the last quarter. ORG Partners LLC lifted its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in Fortinet in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $83.08 on Wednesday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm’s fifty day simple moving average is $81.17 and its 200 day simple moving average is $94.35. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $63.66 billion, a PE ratio of 33.10, a PEG ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the business posted $0.57 EPS. Fortinet’s revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FTNT shares. Barclays cut their target price on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Truist Financial cut their price target 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. Mizuho cut their price target on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a report on Thursday, August 7th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Wedbush cut their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.03.

Insiders Place Their Bets

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