TD Waterhouse Canada Inc. Cuts Stock Position in Fortinet, Inc. $FTNT

TD Waterhouse Canada Inc. lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,915 shares of the software maker’s stock after selling 23,573 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Fortinet were worth $11,973,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FTNT. Saudi Central Bank purchased a new position in Fortinet in the first quarter worth $25,000. LSV Asset Management purchased a new position in Fortinet during the 2nd quarter worth $25,000. Clearstead Trust LLC purchased a new position in Fortinet during the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after buying an additional 104 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $79.73 on Thursday. The stock has a market capitalization of $59.29 billion, a P/E ratio of 31.77, a P/E/G ratio of 3.17 and a beta of 1.08. The company’s fifty day moving average price is $83.68 and its 200 day moving average price is $91.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Royal Bank Of Canada decreased their target price on Fortinet from $95.00 to $85.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Truist Financial decreased their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Finally, Mizuho cut their price objective on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a research note on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $91.22.

About Fortinet

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.