Fortinet, Inc. (NASDAQ:FTNT) Stock Holdings Lessened by KBC Group NV

KBC Group NV cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 49.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & 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 approximately 0.06% of Fortinet worth $42,314,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. First Hawaiian Bank acquired a new stake in Fortinet during the 4th quarter worth approximately $670,000. LVM Capital Management Ltd. MI increased its position in Fortinet by 10.7% during 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 in the last quarter. Apollon Wealth Management LLC increased its position in Fortinet by 7.6% during 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. Forsta AP Fonden increased its position in Fortinet by 11.8% during the third 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. Finally, Quadrature Capital Ltd purchased a new position in Fortinet during the third quarter worth $10,343,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Scotiabank raised their price objective on Fortinet from $110.00 to $115.00 and gave the stock a "sector outperform" rating in a report on Tuesday, January 21st. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective on the stock in a report on Thursday, December 19th. Wedbush raised their price objective on Fortinet from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Hsbc Global Res upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Finally, Wells Fargo & Company raised their price objective on Fortinet from $80.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $96.83.

Fortinet Stock Up 3.2 %

Fortinet stock traded up $3.06 during midday trading on Tuesday, hitting $99.83. The stock had a trading volume of 4,378,586 shares, compared to its average volume of 4,130,274. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The stock has a market cap of $76.51 billion, a P/E ratio of 50.42, a P/E/G ratio of 2.58 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $101.00. The business has a fifty day moving average price of $95.80 and a 200 day moving average price of $82.16.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. Company insiders own 18.00% of the company's stock.

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.