Fifth Third Bancorp Buys 2,519 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fifth Third Bancorp grew its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,847 shares of the software maker's stock after buying an additional 2,519 shares during the period. Fifth Third Bancorp's holdings in Fortinet were worth $2,199,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Manchester Capital Management LLC increased its stake in Fortinet by 13.5% in the fourth quarter. Manchester Capital Management LLC now owns 843 shares of the software maker's stock valued at $80,000 after purchasing an additional 100 shares during the period. Eagle Capital Management LLC increased its position in Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after acquiring an additional 109 shares during the period. Fielder Capital Group LLC lifted its position in Fortinet by 1.6% during the 4th quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock worth $652,000 after acquiring an additional 111 shares during the period. Sheaff Brock Investment Advisors LLC grew its stake in shares of Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker's stock valued at $789,000 after purchasing an additional 114 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Fortinet by 1.3% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock valued at $902,000 after purchasing an additional 116 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 2.0%

FTNT traded up $1.99 during midday trading on Monday, hitting $102.82. 682,139 shares of the company were exchanged, compared to its average volume of 4,956,416. The firm's 50 day moving average price is $101.38 and its 200-day moving average price is $100.14. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $78.70 billion, a P/E ratio of 45.48, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $0.43 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target on the stock. Cantor Fitzgerald reduced their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Finally, Morgan Stanley dropped their price objective on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $104.80.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director now directly owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the completion of the sale, the chief executive officer now directly owns 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

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.