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

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

Other hedge funds have also recently bought and sold shares of the company. Eastern Bank bought a new position in Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Fortinet in the fourth quarter valued at approximately $46,000. Finally, R Squared Ltd bought a new position in Fortinet in the fourth quarter valued at approximately $65,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

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

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $114.57 on Thursday. The stock has a market capitalization 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 debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a fifty day moving average price of $99.56 and a two-hundred day moving average price of $87.75. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week 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, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Susquehanna raised their price target on Fortinet from $90.00 to $110.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Rosenblatt Securities lifted their target price on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $103.72.

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.