KBC Group NV Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

KBC Group NV boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 880,273 shares of the software maker’s stock after purchasing an additional 48,580 shares during the quarter. KBC Group NV owned about 0.12% of Fortinet worth $68,265,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Forsta AP Fonden grew its position in shares of Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares in the last quarter. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers raised its holdings in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Sei Investments Co. lifted its position in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Fortinet by 29.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $97.88 on Thursday. 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’s 50 day simple moving average is $80.01 and its 200-day simple moving average is $68.85. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The stock has a market capitalization of $75.02 billion, a price-to-earnings ratio of 49.43, a PEG ratio of 2.96 and a beta of 1.00.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent research reports. HSBC raised shares of Fortinet from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $111.00 in a research note on Monday. Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Raymond James raised their price objective on Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $79.52.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 18.00% of the stock is owned by corporate insiders.

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.