TD Private Client Wealth LLC Buys New Stake in Fortinet, Inc. $FTNT

Key Points

• TD Private Client Wealth LLC has acquired a new stake in Fortinet, Inc., purchasing 4,767 shares valued at approximately $504,000.
• A number of institutional investors have significantly increased their holdings in Fortinet, with 83.71% of the stock now owned by hedge funds and other institutional investors.
• Analyst ratings for Fortinet have varied, with a consensus rating of "Hold" and a target price of $97.03, while recent price targets have been reduced by several brokerages.

TD Private Client Wealth LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,767 shares of the software maker's stock, valued at approximately $504,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. GAMMA Investing LLC raised its stake in Fortinet by 11,349.3% in the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock valued at $185,551,000 after buying an additional 1,910,771 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock worth $561,156,000 after buying an additional 1,733,670 shares during the last quarter. Nuveen LLC purchased a new stake in Fortinet during the 1st quarter worth about $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock worth $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business'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 $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Truist Financial dropped their price target on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Citigroup reaffirmed a "neutral" rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Stifel Nicolaus reduced their price target on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a research report on Thursday, August 7th. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective on the stock in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their target price on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $97.03.

Fortinet Trading Up 1.3%

Shares of FTNT stock opened at $84.32 on Friday. The business's fifty day moving average price is $85.36 and its 200 day moving average price is $95.44. The firm has a market capitalization of $64.61 billion, a PE ratio of 33.59, a P/E/G ratio of 3.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm's revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.

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