Fortinet, Inc. (NASDAQ:FTNT) Stake Lifted by ING Groep NV

ING Groep NV boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 86.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 603,809 shares of the software maker’s stock after purchasing an additional 279,460 shares during the period. ING Groep NV owned approximately 0.08% of Fortinet worth $46,825,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Eagle Capital Management LLC lifted its stake in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares in the last quarter. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. Simplicity Wealth LLC grew its position in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares in the last quarter. Finally, Werlinich Asset Management LLC increased its holdings in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Truist Financial lifted their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. HSBC raised Fortinet from a “hold” rating to a “buy” rating and upped their target price for the stock from $83.00 to $111.00 in a research report on Monday. Finally, Scotiabank lifted their price target on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $79.52.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $3.11 during mid-day trading on Thursday, hitting $94.77. The company had a trading volume of 2,418,885 shares, compared to its average volume of 5,474,018. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a market cap of $72.64 billion, a P/E ratio of 49.43, a PEG ratio of 2.96 and a beta of 1.00. The business’s 50-day simple moving average is $80.01 and its 200-day simple moving average is $68.85.

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.