TD Asset Management Inc. Has $105.59 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

TD Asset Management Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,117,638 shares of the software maker's stock after buying an additional 16,429 shares during the period. TD Asset Management Inc. owned 0.15% of Fortinet worth $105,594,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. Amundi increased its holdings in Fortinet by 36.7% during the fourth quarter. Amundi now owns 6,577,467 shares of the software maker's stock worth $631,700,000 after buying an additional 1,766,860 shares during the last quarter. Los Angeles Capital Management LLC raised its position in Fortinet by 136.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,919,952 shares of the software maker's stock worth $275,877,000 after acquiring an additional 1,682,708 shares in the last quarter. State Street Corp lifted its stake in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock valued at $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Fortinet during the 4th quarter worth about $69,381,000. 83.71% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FTNT shares. Susquehanna lifted their price target on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. Stifel Nicolaus lifted their target price on Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a research note on Friday, February 7th. Jefferies Financial Group raised their price target on Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a report on Thursday, December 19th. Guggenheim reaffirmed a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Finally, Citigroup increased their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $105.69.

Fortinet Price Performance

Shares of FTNT traded down $2.94 during mid-day trading on Friday, reaching $96.60. The company had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. The company's 50 day simple moving average is $102.97 and its 200 day simple moving average is $93.26. The company has a market capitalization of $74.28 billion, a price-to-earnings ratio of 42.74, a P/E/G ratio of 4.19 and a beta of 0.97. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts expect 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 the business's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is currently owned by insiders.

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.