ING Groep NV Sells 271,667 Shares of Fortinet, Inc. (NASDAQ:FTNT)

ING Groep NV lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 332,142 shares of the software maker’s stock after selling 271,667 shares during the period. ING Groep NV’s holdings in Fortinet were worth $31,381,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Handelsbanken Fonder AB grew its position in Fortinet by 21.3% during the 4th quarter. Handelsbanken Fonder AB now owns 237,404 shares of the software maker’s stock worth $22,430,000 after acquiring an additional 41,609 shares during the last quarter. Wealth Alliance bought a new stake in Fortinet during the 4th quarter worth $236,000. Sunpointe LLC bought a new stake in shares of Fortinet in the 4th quarter valued at about $206,000. Cumberland Partners Ltd grew its position in shares of Fortinet by 13.2% in the 4th quarter. Cumberland Partners Ltd now owns 30,000 shares of the software maker’s stock valued at $2,834,000 after buying an additional 3,500 shares during the last quarter. Finally, Ieq Capital LLC grew its position in shares of Fortinet by 188.1% in the 4th quarter. Ieq Capital LLC now owns 241,268 shares of the software maker’s stock valued at $22,795,000 after buying an additional 157,516 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $114.57 on Thursday. The firm has a market cap of $87.81 billion, a PE ratio of 50.69, a P/E/G ratio of 4.09 and a beta of 1.01. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business has a 50 day moving average of $99.56 and a 200-day moving average of $87.75. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 63,610 shares of company stock valued at $6,083,029. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. BMO Capital Markets upped their price target on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Scotiabank upped their price target on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Barclays upped their price target on Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, November 8th. Rosenblatt Securities upped their price target on Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Susquehanna boosted their price objective on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $103.72.

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.