Toronto Dominion Bank Purchases 24,132 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Toronto Dominion Bank raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 381,766 shares of the software maker’s stock after acquiring an additional 24,132 shares during the period. Toronto Dominion Bank’s holdings in Fortinet were worth $36,068,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of FTNT. Assenagon Asset Management S.A. lifted its stake in Fortinet by 6.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 17,062 shares of the software maker’s stock valued at $1,612,000 after acquiring an additional 1,085 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Fortinet by 75.0% in the 4th quarter. Park Avenue Securities LLC now owns 18,886 shares of the software maker’s stock valued at $1,784,000 after acquiring an additional 8,092 shares in the last quarter. Ritholtz Wealth Management increased its position in shares of Fortinet by 42.5% during the 4th quarter. Ritholtz Wealth Management now owns 4,909 shares of the software maker’s stock worth $464,000 after purchasing an additional 1,465 shares during the last quarter. Sax Wealth Advisors LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $257,000. Finally, Lake Street Private Wealth LLC acquired a new position in shares of Fortinet during the 4th quarter worth approximately $235,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $104.59 on Monday. The stock has a fifty day moving average price of $98.53 and a 200-day moving average price of $98.43. The company has a market cap of $80.05 billion, a price-to-earnings ratio of 46.28, a PEG ratio of 4.19 and a beta of 1.16. 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, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 328 shares of the company’s stock in a transaction that occurred 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 directly owns 300,006 shares in the company, valued at $31,899,637.98. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 1,000 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the sale, the director now owns 20,612 shares of the company’s stock, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 738,978 shares of company stock worth $74,135,907 in the last ninety days. 17.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Cantor Fitzgerald lowered their price target on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Stifel Nicolaus lowered their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Scotiabank lowered their price target on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research report on Thursday, May 8th. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. Finally, StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.80.

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.