TD Private Client Wealth LLC Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

TD Private Client Wealth LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,041 shares of the software maker’s stock after selling 171 shares during the period. TD Private Client Wealth LLC’s holdings in Fortinet were worth $313,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FTNT. State Street Corp boosted its holdings in shares of Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC lifted its position in Fortinet by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying an additional 354,692 shares during the last quarter. Marshall Wace LLP boosted its stake in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Fortinet by 10.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 68,745 shares of company stock valued at $5,746,974 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $97.95 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a 50 day simple moving average of $88.38 and a two-hundred day simple moving average of $74.15. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $100.59. The company has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Tuesday, November 19th. UBS Group boosted their target price on Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Truist Financial restated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Scotiabank boosted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 20th. Finally, Citigroup raised their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $89.27.

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.