TD Asset Management Inc Purchases 27,160 Shares of Fortinet, Inc. (NASDAQ:FTNT)

TD Asset Management Inc increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,073,372 shares of the software maker's stock after buying an additional 27,160 shares during the quarter. TD Asset Management Inc owned about 0.14% of Fortinet worth $64,692,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in Fortinet during the 1st quarter worth approximately $548,013,000. Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter worth approximately $203,501,000. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP purchased a new position in shares of Fortinet during the first quarter valued at approximately $120,746,000. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Wednesday, August 7th. Rosenblatt Securities reduced their price objective on shares of Fortinet from $85.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, August 5th. StockNews.com cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 29th. Wedbush reaffirmed an "outperform" rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Finally, Citigroup increased their price target on Fortinet from $65.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $71.31.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the business's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company's stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,235 shares of the firm's stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company's stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,907 shares of company stock valued at $6,016,573. Company insiders own 18.00% of the company's stock.

Fortinet Price Performance

FTNT stock traded down $0.64 during mid-day trading on Friday, reaching $75.16. 5,364,384 shares of the company traded hands, compared to its average volume of 5,758,380. The company has a fifty day moving average price of $65.79 and a 200-day moving average price of $64.74. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.08. The company has a market capitalization of $57.41 billion, a P/E ratio of 49.12, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. Fortinet's revenue was up 10.9% on a year-over-year basis. As a group, analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current year.

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.