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

Toronto Dominion Bank lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 381,766 shares of the software maker’s stock after purchasing an additional 24,132 shares during the quarter. Toronto Dominion Bank’s holdings in Fortinet were worth $36,068,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Fortinet in the fourth quarter valued at $27,000. Oarsman Capital Inc. raised its stake in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $43,000. Banque Transatlantique SA acquired a new position in shares of Fortinet in the fourth quarter valued at $43,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Fortinet in the fourth quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. The trade was a 0.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 738,978 shares of company stock worth $74,135,907. Insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $104.59 on Monday. 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 stock has a market cap of $80.05 billion, a P/E ratio of 46.28, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The stock’s 50-day moving average price is $98.53 and its two-hundred day moving average price is $98.43.

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

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Cantor Fitzgerald dropped their price objective on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Finally, Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price 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.