Toronto Dominion Bank Has $36.07 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Toronto Dominion Bank lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 381,766 shares of the software maker’s stock after buying an additional 24,132 shares during the quarter. Toronto Dominion Bank’s holdings in Fortinet were worth $36,068,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of FTNT. Manchester Capital Management LLC boosted its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares in the last quarter. Fielder Capital Group LLC raised its stake in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock worth $652,000 after buying an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC boosted its holdings in Fortinet by 1.4% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after acquiring an additional 114 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after acquiring an additional 116 shares during the period. Finally, Evergreen Capital Management LLC increased its holdings in shares of Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker’s stock valued at $590,000 after acquiring an additional 124 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on FTNT shares. BMO Capital Markets lowered their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a report on Thursday, May 8th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Wall Street Zen raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, May 20th. Stifel Nicolaus decreased their price objective on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a report on Thursday, May 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Stock Down 0.4%

Fortinet stock opened at $103.16 on Tuesday. The firm has a 50 day simple moving average of $99.39 and a 200 day simple moving average of $99.34. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $78.96 billion, a price-to-earnings ratio of 45.65, a P/E/G ratio of 4.19 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 earnings per share. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. The trade was a 2.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 17,660 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold 715,478 shares of company stock valued at $71,467,247 in the last quarter. 17.20% of the stock is currently owned by corporate insiders.

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.