Opinicus Capital Inc. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Opinicus Capital Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,398 shares of the software maker’s stock, valued at approximately $232,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vima LLC purchased a new stake in Fortinet during the 4th quarter valued at approximately $25,000. Rise Advisors LLC raised its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the last quarter. Headinvest LLC purchased a new stake in Fortinet during the 3rd quarter valued at approximately $29,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet during the 4th quarter worth approximately $29,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FTNT shares. Piper Sandler cut their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Rosenblatt Securities reissued a “buy” rating and set a $85.00 target price on shares of Fortinet in a research note on Tuesday, June 11th. Truist Financial cut their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Finally, Jefferies Financial Group lowered their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $70.03.

Fortinet Trading Up 0.4 %

Shares of FTNT traded up $0.23 during trading hours on Friday, hitting $60.27. The stock had a trading volume of 7,987,420 shares, compared to its average volume of 5,622,995. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The firm has a market cap of $46.04 billion, a P/E ratio of 39.39, a P/E/G ratio of 2.94 and a beta of 0.98. The company’s fifty day simple moving average is $60.58 and its 200 day simple moving average is $63.66. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

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

Insider Activity

In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom purchased 586 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is currently owned by company insiders.

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.