TD Asset Management Inc Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• TD Asset Management Inc has decreased its stake in Fortinet, Inc. by 9.7%, now owning approximately 1,009,069 shares worth $97.13 million after selling 108,569 shares in the first quarter.
• Fortinet reported earnings of $0.58 per share for the latest quarter, exceeding analysts' expectations, with a revenue of $1.54 billion, representing a 13.8% increase from the previous year.
• Hedge funds and institutional investors collectively own 83.71% of Fortinet's stock, with notable activities including SJS Investment Consulting increasing its stake by 703.1% in the first quarter.

TD Asset Management Inc cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,009,069 shares of the software maker's stock after selling 108,569 shares during the period. TD Asset Management Inc owned approximately 0.13% of Fortinet worth $97,133,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Schroder Investment Management Group bought a new position in shares of Fortinet during the 4th quarter worth about $389,867,000. FMR LLC lifted its holdings in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after acquiring an additional 2,151,811 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after acquiring an additional 2,064,016 shares during the period. Finally, Invesco Ltd. increased its position in shares of Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after purchasing an additional 2,000,888 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent analyst reports. Stephens initiated coverage on shares of Fortinet in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price for the company. Robert W. Baird increased their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Rosenblatt Securities reiterated a "buy" rating and set a $125.00 target price on shares of Fortinet in a research report on Monday. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Stifel Nicolaus lowered their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $107.00.

Fortinet Trading Up 0.1%

Shares of Fortinet stock traded up $0.06 on Monday, hitting $104.88. The stock had a trading volume of 2,128,329 shares, compared to its average volume of 4,758,251. The stock has a 50 day moving average of $103.48 and a 200 day moving average of $101.72. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The firm has a market capitalization of $80.28 billion, a P/E ratio of 43.16, a PEG ratio of 3.61 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.43 EPS. Sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, Director William H. Neukom acquired 335 shares of the stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the sale, the vice president directly owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.