TD Asset Management Inc. Purchases 16,429 Shares of Fortinet, Inc. (NASDAQ:FTNT)

TD Asset Management Inc. raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,117,638 shares of the software maker’s stock after purchasing an additional 16,429 shares during the period. TD Asset Management Inc. owned approximately 0.15% of Fortinet worth $105,594,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Manchester Capital Management LLC raised its holdings in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after buying an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after acquiring an additional 107 shares during the last quarter. Fielder Capital Group LLC raised its stake in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after acquiring an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its holdings in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares during the last quarter. Finally, Truvestments Capital LLC boosted its stake in shares of Fortinet by 3.0% in the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker’s stock valued at $407,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $102.09 on Wednesday. The company’s 50 day moving average is $102.65 and its 200 day moving average is $92.89. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The company has a market cap of $78.50 billion, a price-to-earnings ratio of 45.17, a PEG ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 328 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 599,988 shares of company stock valued at $59,094,530. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $112.00 target price (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. The Goldman Sachs Group lifted their price objective on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Guggenheim reissued a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Royal Bank of Canada raised their price target on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $105.69.

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.