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

Key Points

• TD Asset Management Inc increased its stake in Fortinet by 19.1%, owning over 1.2 million shares valued at approximately $127 million.
• Fortinet reported earnings of $0.64 per share, exceeding analysts' estimates, with quarterly revenue of $1.63 billion, reflecting a year-over-year increase of 13.6%.
• While several analysts have adjusted Fortinet’s price targets, the consensus rating remains a "Hold" with an average price target of around $97.03.

TD Asset Management Inc grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 19.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,202,124 shares of the software maker's stock after purchasing an additional 193,055 shares during the period. TD Asset Management Inc owned approximately 0.16% of Fortinet worth $127,089,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Brighton Jones LLC grew its position in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC bought a new position in Fortinet in the 4th quarter worth about $585,000. GAMMA Investing LLC grew its position in Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Fortinet by 4.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker's stock worth $1,708,000 after purchasing an additional 677 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after purchasing an additional 38,080 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 1.3%

Shares of NASDAQ:FTNT opened at $83.08 on Wednesday. The stock has a market capitalization of $63.66 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 3.17 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a 50 day moving average price of $81.17 and a 200 day moving average price of $94.35.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on FTNT. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. DZ Bank upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective for the company in a report on Friday, August 8th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a report on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average target price of $97.03.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the company'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 value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of the company'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 $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate insiders.

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.

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