Opinicus Capital Inc. Acquires New Stake in Fortinet, Inc. (NASDAQ:FTNT)

Opinicus Capital Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,398 shares of the software maker’s stock, valued at approximately $232,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at $25,000. Rise Advisors LLC increased its holdings in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Headinvest LLC acquired a new stake in Fortinet in the third quarter valued at $29,000. Atwood & Palmer Inc. acquired a new stake in Fortinet in the fourth quarter valued at $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in Fortinet in the fourth quarter valued at $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold 91,638 shares of company stock valued at $5,705,568 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Evercore ISI cut their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Royal Bank of Canada cut their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Friday, May 3rd. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Tuesday, June 11th. Scotiabank cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $70.03.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.23 during mid-day trading on Friday, reaching $60.27. 7,987,420 shares of the company were exchanged, compared to its average volume of 5,622,995. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $46.04 billion, a PE ratio of 39.39, a PEG ratio of 2.94 and a beta of 0.98. The company’s 50 day moving average price is $60.58 and its 200 day moving average price is $63.66.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter last year, the company earned $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

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.