Toronto Dominion Bank Acquires 24,132 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Toronto Dominion Bank grew its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 381,766 shares of the software maker's stock after buying an additional 24,132 shares during the quarter. Toronto Dominion Bank's holdings in Fortinet were worth $36,068,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker's stock valued at $6,435,550,000 after purchasing an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker's stock worth $1,440,648,000 after buying an additional 387,901 shares during the last quarter. Invesco Ltd. boosted its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock valued at $792,564,000 after buying an additional 2,000,888 shares in the last quarter. Norges Bank bought a new position in Fortinet in the fourth quarter valued at about $724,048,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 39.3% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 697,818 shares of company stock worth $69,539,128. Insiders own 17.20% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Rosenblatt Securities upped their price objective on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Cantor Fitzgerald cut their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. The Goldman Sachs Group upped their target price on Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.80.

Fortinet Stock Down 0.3%

Shares of NASDAQ:FTNT traded down $0.26 during trading on Friday, reaching $101.78. 16,617,933 shares of the stock were exchanged, compared to its average volume of 5,021,253. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The stock has a fifty day moving average of $99.68 and a two-hundred day moving average of $99.45. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The firm has a market cap of $77.90 billion, a price-to-earnings ratio of 45.04, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business's revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.