ING Groep NV Has $46.83 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

ING Groep NV lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 86.2% during the 3rd quarter, Holdings Channel reports. The firm owned 603,809 shares of the software maker’s stock after buying an additional 279,460 shares during the quarter. ING Groep NV’s holdings in Fortinet were worth $46,825,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new stake in Fortinet during the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC increased its holdings in Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter valued at $33,000. Finally, Versant Capital Management Inc boosted its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 3.2 %

FTNT stock traded down $3.11 during trading hours on Thursday, reaching $94.77. 2,418,885 shares of the stock were exchanged, compared to its average volume of 5,474,018. The firm’s 50-day moving average is $80.01 and its 200-day moving average is $68.85. Fortinet, Inc. has a 12 month low of $49.97 and a 12 month high of $100.59. The company has a market cap of $72.64 billion, a price-to-earnings ratio of 49.43, a PEG ratio of 2.96 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FTNT shares. Scotiabank raised their target price on Fortinet from $75.00 to $85.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. TD Cowen increased their price objective on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. 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 research note on Wednesday, August 7th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Finally, Raymond James increased their price target on shares of Fortinet from $85.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $79.52.

Fortinet 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.