KBC Group NV Sells 432,409 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KBC Group NV trimmed its stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 49.1% in the fourth quarter, Holdings Channel reports. The firm owned 447,864 shares of the software maker’s stock after selling 432,409 shares during the quarter. KBC Group NV’s holdings in Fortinet were worth $42,314,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Public Sector Pension Investment Board lifted its stake in Fortinet by 82.1% in the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock valued at $1,354,000 after acquiring an additional 10,125 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Fortinet in the 2nd quarter valued at about $1,314,000. Algert Global LLC bought a new position in Fortinet during the second quarter worth about $502,000. Creative Planning increased its position in Fortinet by 6.8% during the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock worth $9,846,000 after buying an additional 10,365 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its position in shares of Fortinet by 4.1% in the second quarter. Sunbelt Securities Inc. now owns 18,774 shares of the software maker’s stock valued at $1,132,000 after buying an additional 744 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock valued at $6,469,056 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. The Goldman Sachs Group increased their price target on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. Stifel Nicolaus increased their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $111.00 in a report on Monday, November 11th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $96.83.

Get Our Latest Analysis on FTNT

Fortinet Stock Down 0.1 %

Shares of FTNT opened at $96.77 on Tuesday. The stock has a market capitalization of $74.17 billion, a price-to-earnings ratio of 48.87, a PEG ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a fifty day moving average of $95.80 and a 200-day moving average of $82.16.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

About Fortinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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