ING Groep NV Reduces Stake in Fortinet, Inc. (NASDAQ:FTNT)

ING Groep NV decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 45.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 332,142 shares of the software maker's stock after selling 271,667 shares during the quarter. ING Groep NV's holdings in Fortinet were worth $31,381,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. First Hawaiian Bank bought a new position in Fortinet in the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI raised its holdings in Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker's stock worth $8,487,000 after buying an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker's stock worth $1,186,000 after buying an additional 1,081 shares in the last quarter. Trilogy Capital Inc. grew its holdings in shares of Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker's stock valued at $2,220,000 after buying an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden increased its position in shares of Fortinet by 11.8% during the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker's stock valued at $10,508,000 after acquiring an additional 14,300 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Fortinet stock traded down $4.19 during mid-day trading on Friday, hitting $110.02. The stock had a trading volume of 5,093,988 shares, compared to its average volume of 4,620,078. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $84.33 billion, a P/E ratio of 48.68, a P/E/G ratio of 4.20 and a beta of 1.01. The firm's 50 day moving average is $99.88 and its 200 day moving average is $87.93.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 22,916 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the transaction, the chief executive officer now directly owns 48,983,683 shares of the company's stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 87,110 shares of company stock worth $8,751,689 over the last quarter. Insiders own 18.00% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. Baird R W cut Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Cantor Fitzgerald upped their price target on Fortinet from $95.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a report on Friday, February 7th. Piper Sandler restated an "overweight" rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Susquehanna raised their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $103.72.

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.