ING Groep NV Has $20.83 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

ING Groep NV increased its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 68.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 355,863 shares of the software maker’s stock after purchasing an additional 144,420 shares during the quarter. ING Groep NV’s holdings in Fortinet were worth $20,829,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Nordea Investment Management AB raised its holdings in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the period. Morgan Stanley raised its holdings in Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after acquiring an additional 108,548 shares during the period. Invesco Ltd. raised its holdings in Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after acquiring an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after acquiring an additional 153,119 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Fortinet by 17.6% in the 4th quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after acquiring an additional 438,476 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FTNT. HSBC lowered their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday, May 3rd. Royal Bank of Canada lowered their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday, May 3rd. Mizuho lowered their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Cantor Fitzgerald lowered their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Morgan Stanley lowered their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $70.37.

Check Out Our Latest Stock Analysis on Fortinet

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold 72,396 shares of company stock valued at $4,838,534 over the last quarter. Insiders own 17.54% of the company’s stock.

Fortinet Trading Up 0.3 %

NASDAQ FTNT traded up $0.19 during mid-day trading on Friday, reaching $61.43. 2,799,682 shares of the stock were exchanged, compared to its average volume of 6,686,397. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The stock has a 50 day simple moving average of $65.41 and a 200-day simple moving average of $62.14. The stock has a market cap of $46.93 billion, a P/E ratio of 40.15, a P/E/G ratio of 2.54 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm earned $0.29 earnings per share. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. On average, analysts anticipate that Fortinet, Inc. will post 1.46 EPS for the current year.

Fortinet Profile

(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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