TD Waterhouse Canada Inc. Raises Position in Fortinet, Inc. (NASDAQ:FTNT)

TD Waterhouse Canada Inc. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 84,013 shares of the software maker's stock after purchasing an additional 5,044 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Fortinet were worth $7,938,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Fortinet during the 4th quarter worth about $724,048,000. Schroder Investment Management Group acquired a new stake in Fortinet during the fourth quarter worth approximately $389,867,000. FMR LLC boosted its holdings in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after acquiring an additional 2,846,475 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Fortinet by 39.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. Susquehanna upped their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Morgan Stanley lowered their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald lowered their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research note on Thursday. Piper Sandler restated an "overweight" rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Jefferies Financial Group decreased their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $104.77.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 328 shares of the business's stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the transaction, the director now owns 300,006 shares of the company's stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 over the last ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 1.1 %

NASDAQ:FTNT traded up $1.08 on Friday, hitting $101.80. The stock had a trading volume of 3,349,355 shares, compared to its average volume of 5,078,910. The company has a market cap of $78.28 billion, a PE ratio of 45.04, a P/E/G ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business's fifty day moving average is $99.58 and its 200 day moving average is $95.68. 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 announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.