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

KBC Group NV trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 49.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 447,864 shares of the software maker’s stock after selling 432,409 shares during the quarter. KBC Group NV owned 0.06% of Fortinet worth $42,314,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Eastern Bank acquired a new stake in Fortinet in the 3rd quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in Fortinet during the third quarter worth about $26,000. Private Wealth Management Group LLC increased its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares during the period. City State Bank raised its holdings in Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares in the last quarter. Finally, Paladin Wealth LLC bought a new stake in shares of Fortinet in the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 over the last 90 days. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on FTNT shares. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. Finally, KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $96.83.

Fortinet Trading Down 0.1 %

Shares of NASDAQ FTNT opened at $96.77 on Tuesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. 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 capitalization of $74.17 billion, a P/E ratio of 48.87, a P/E/G ratio of 2.58 and a beta of 1.00. The company’s 50 day simple moving average is $95.80 and its 200 day simple moving average is $82.16.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

About Fortinet

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.