Opinicus Capital Inc. Acquires New Position in Fortinet, Inc. $FTNT

Opinicus Capital Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel reports. The firm purchased 1,893 shares of the software maker’s stock, valued at approximately $200,000.

Other hedge funds have also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after purchasing an additional 82,937 shares during the period. Warther Private Wealth LLC raised its holdings in shares of Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after buying an additional 51,750 shares during the last quarter. Cooper Financial Group acquired a new position in shares of Fortinet during the second quarter worth approximately $2,653,000. Mainstay Capital Management LLC ADV grew its holdings in Fortinet by 105.8% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after buying an additional 8,643 shares in the last quarter. Finally, Motley Fool Asset Management LLC increased its position in Fortinet by 15.0% in the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock valued at $5,335,000 after acquiring an additional 6,566 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FTNT. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Scotiabank reduced their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $91.62.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is owned by insiders.

Fortinet Stock Performance

FTNT opened at $82.31 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market cap of $61.21 billion, a PE ratio of 32.79, a P/E/G ratio of 3.17 and a beta of 1.08. The business has a fifty day simple moving average of $83.63 and a 200-day simple moving average of $92.52. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.70 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.