TD Asset Management Inc Sells 40,351 Shares of Fortinet, Inc. $FTNT

TD Asset Management Inc lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 951,517 shares of the software maker’s stock after selling 40,351 shares during the quarter. TD Asset Management Inc owned approximately 0.13% of Fortinet worth $75,560,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock worth $6,354,874,000 after acquiring an additional 2,894,355 shares during the last quarter. State Street Corp grew its holdings in Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock worth $2,493,860,000 after acquiring an additional 477,397 shares during the last quarter. Norges Bank acquired a new position in Fortinet during the 4th quarter valued at about $1,152,917,000. Bank of New York Mellon Corp lifted its position in Fortinet by 6.6% during the 4th quarter. Bank of New York Mellon Corp now owns 14,504,597 shares of the software maker’s stock valued at $1,151,810,000 after purchasing an additional 893,190 shares during the period. Finally, Invesco Ltd. lifted its position in Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 160,632 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president directly owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 318,387 shares of company stock valued at $43,403,063 in the last ninety days. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT opened at $144.68 on Friday. The stock has a market capitalization of $106.00 billion, a P/E ratio of 55.86, a P/E/G ratio of 4.10 and a beta of 1.11. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $150.07. The company has a 50 day moving average of $103.59 and a 200-day moving average of $88.89. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.78 EPS for the current fiscal year.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s latest quarterly results beat expectations, with EPS and revenue both coming in ahead of analyst forecasts, while management also raised full-year 2026 guidance.
• Positive Sentiment: Investors are rewarding Fortinet’s AI security push, including new AI-focused products and its positioning as a converged security and networking platform.
• Positive Sentiment: Momentum remains strong after the earnings report, with commentary noting the stock has surged substantially over the past month and is continuing to attract attention from traders and growth investors.
• Neutral Sentiment: Recent articles focused on whether the rally can continue, highlighting valuation questions and the need for future earnings estimates to keep improving.
• Negative Sentiment: There was a small insider sale by VP Michael Xie, though it was pre-arranged under a 10b5-1 plan and therefore appears more routine than concerning.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Fortinet in a research report on Friday, February 6th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 target price on shares of Fortinet in a report on Tuesday, April 21st. Wells Fargo & Company restated an “underweight” rating and set a $70.00 target price (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Morgan Stanley restated an “underweight” rating and set a $80.00 target price on shares of Fortinet in a report on Thursday, May 7th. Finally, Weiss Ratings downgraded shares of Fortinet from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-four have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.69.

About Fortinet

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.