ING Groep NV purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 6,606 shares of the software maker’s stock, valued at approximately $247,000.

Other institutional investors also recently made changes to their positions in the company. Profund Advisors LLC boosted its stake in shares of Fortinet by 6.6% in the first quarter. Profund Advisors LLC now owns 21,255 shares of the software maker’s stock worth $815,000 after buying an additional 1,311 shares during the period. American Capital Management Inc. boosted its stake in shares of Fortinet by 1.7% in the first quarter. American Capital Management Inc. now owns 796,260 shares of the software maker’s stock worth $30,537,000 after buying an additional 13,545 shares during the period. Global Thematic Partners LLC boosted its stake in shares of Fortinet by 8.8% in the first quarter. Global Thematic Partners LLC now owns 1,257,671 shares of the software maker’s stock worth $48,231,000 after buying an additional 101,631 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Fortinet by 85.6% in the first quarter. Nationwide Fund Advisors now owns 452,408 shares of the software maker’s stock worth $17,350,000 after buying an additional 208,677 shares during the period. Finally, Capital Impact Advisors LLC acquired a new stake in shares of Fortinet during the first quarter worth $1,845,000. Institutional investors own 72.98% of the company’s stock.

Shares of Fortinet, Inc. (FTNT) traded up 1.02% on Friday, reaching $36.48. 1,197,582 shares of the company were exchanged. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 99.95 and a beta of 1.02. Fortinet, Inc. has a 52 week low of $28.51 and a 52 week high of $41.56. The firm’s 50 day moving average price is $38.35 and its 200 day moving average price is $37.91.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, July 26th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $363.50 million during the quarter, compared to analysts’ expectations of $361.05 million. Fortinet had a net margin of 4.71% and a return on equity of 9.36%. Fortinet’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the business earned $0.14 EPS. Equities research analysts anticipate that Fortinet, Inc. will post $0.95 EPS for the current year.

Fortinet announced that its Board of Directors has approved a stock repurchase plan on Wednesday, July 26th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the software maker to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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FTNT has been the topic of a number of recent research reports. Stifel Nicolaus upped their price objective on shares of Fortinet from $36.00 to $42.00 and gave the stock a “hold” rating in a report on Monday, April 17th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $45.00 price objective on shares of Fortinet in a report on Monday, April 17th. BMO Capital Markets upgraded shares of Fortinet from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $46.00 in a report on Friday, April 21st. They noted that the move was a valuation call. Dougherty & Co upped their price objective on shares of Fortinet from $38.00 to $46.00 and gave the stock a “buy” rating in a report on Friday, April 21st. Finally, Vetr upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a report on Monday, April 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $41.56.

In other Fortinet news, CAO Keith Jensen sold 950 shares of Fortinet stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $36.67, for a total transaction of $34,836.50. Following the completion of the sale, the chief accounting officer now directly owns 1,315 shares in the company, valued at approximately $48,221.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ming Hsieh sold 4,743 shares of Fortinet stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $39.29, for a total transaction of $186,352.47. The disclosure for this sale can be found here. Insiders sold a total of 14,258 shares of company stock valued at $535,475 over the last quarter. 16.40% of the stock is owned by company insiders.

About Fortinet

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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