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

KBC Group NV reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 314,177 shares of the software maker's stock after selling 133,687 shares during the quarter. KBC Group NV's holdings in Fortinet were worth $30,243,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. increased its position in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new position in shares of Fortinet in the 1st quarter valued at approximately $35,000. Finally, Oarsman Capital Inc. boosted its stake in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 0.7%

Shares of FTNT stock opened at $103.11 on Monday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a market cap of $78.92 billion, a price-to-earnings ratio of 42.43, a PEG ratio of 3.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock has a 50 day simple moving average of $102.54 and a 200-day simple moving average of $100.50.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business posted $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director now owns 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FTNT shares. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. Cantor Fitzgerald cut their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $125.00 target price on shares of Fortinet in a report on Tuesday, June 17th. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and a consensus price target of $105.62.

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.

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