Opinicus Capital Inc. Acquires Shares of 2,140 Fortinet, Inc. (NASDAQ:FTNT)

Opinicus Capital Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,140 shares of the software maker’s stock, valued at approximately $202,000.

Other hedge funds have also recently made changes to their positions in the company. Lecap Asset Management Ltd. acquired a new position in Fortinet during the 4th quarter valued at about $640,000. Golden State Wealth Management LLC purchased a new position in shares of Fortinet during the fourth quarter valued at approximately $46,000. Ameliora Wealth Management Ltd. bought a new stake in Fortinet during the fourth quarter worth $265,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Fortinet by 2.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,550,733 shares of the software maker’s stock valued at $146,513,000 after acquiring an additional 37,009 shares in the last quarter. Finally, Trilogy Capital Inc. boosted its holdings in Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after acquiring an additional 3,544 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 2.8 %

Shares of FTNT stock opened at $107.66 on Friday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $110.53. The business’s fifty day moving average is $97.38 and its 200 day moving average is $84.56. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market capitalization of $82.52 billion, a PE ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. UBS Group lifted their target price on shares of Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Citigroup upped their target price on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Truist Financial reiterated a “buy” rating and set a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, HSBC raised Fortinet from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $111.00 in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $101.43.

Insider Activity

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by corporate 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.