TD Private Client Wealth LLC Sells 171 Shares of Fortinet, Inc. (NASDAQ:FTNT)

TD Private Client Wealth LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,041 shares of the software maker’s stock after selling 171 shares during the quarter. TD Private Client Wealth LLC’s holdings in Fortinet were worth $313,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FTNT. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in shares of Fortinet during the third quarter valued at $26,000. Private Wealth Management Group LLC increased its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its holdings in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, DT Investment Partners LLC lifted its position in Fortinet by 539.0% during the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock valued at $40,000 after purchasing an additional 566 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Raymond James boosted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Royal Bank of Canada upped their target price on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Wedbush lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Stifel Nicolaus lifted their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $89.27.

Fortinet Trading Down 0.7 %

Shares of Fortinet stock opened at $97.95 on Friday. The business has a fifty day simple moving average of $88.38 and a two-hundred day simple moving average of $74.15. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $100.59. The company has a market capitalization of $75.07 billion, a price-to-earnings ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 68,745 shares of company stock valued at $5,746,974 over the last 90 days. 18.00% of the stock is owned by corporate insiders.

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.