Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Toronto Dominion Bank

Toronto Dominion Bank lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 381,766 shares of the software maker's stock after acquiring an additional 24,132 shares during the period. Toronto Dominion Bank's holdings in Fortinet were worth $36,068,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of FTNT. Manchester Capital Management LLC raised its holdings in shares of Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock worth $80,000 after buying an additional 100 shares during the last quarter. Fielder Capital Group LLC grew its stake in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after purchasing an additional 111 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. Finally, Evergreen Capital Management LLC raised its stake in shares of Fortinet by 2.0% in the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the sale, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $4,981,414,831.47. This trade represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 17,660 shares of Fortinet stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at $517,076.48. This represents a 78.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 715,478 shares of company stock valued at $71,467,247. 17.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, February 7th. BMO Capital Markets decreased their target price on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research report on Thursday, May 8th. Scotiabank decreased their price objective on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Stephens assumed coverage on Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 target price on the stock. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $104.80.

Fortinet Trading Up 0.8%

FTNT stock traded up $0.78 during mid-day trading on Thursday, hitting $103.62. 3,652,798 shares of the company were exchanged, compared to its average volume of 4,962,726. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The firm has a market capitalization of $79.31 billion, a P/E ratio of 45.85, a PEG ratio of 4.19 and a beta of 1.16. The business has a fifty day simple moving average of $99.03 and a 200-day simple moving average of $98.68. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the firm earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet Company 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.