Vicus Capital Buys New Position in Fortinet, Inc. (NASDAQ:FTNT)

Vicus Capital purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,389 shares of the software maker's stock, valued at approximately $326,000.

Other large investors also recently made changes to their positions in the company. Eagle Capital Management LLC boosted its holdings 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 purchasing an additional 109 shares during the period. Fielder Capital Group LLC increased its stake in Fortinet by 1.6% in the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker's stock valued at $652,000 after acquiring an additional 111 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Fortinet by 1.3% during the 4th 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 last quarter. Evergreen Capital Management LLC raised its stake in shares of Fortinet by 2.0% during the fourth quarter. Evergreen Capital Management LLC now owns 6,240 shares of the software maker's stock worth $590,000 after acquiring an additional 124 shares in the last quarter. Finally, Truvestments Capital LLC grew its holdings in shares of Fortinet by 3.0% during the 4th quarter. Truvestments Capital LLC now owns 4,310 shares of the software maker's stock valued at $407,000 after purchasing an additional 127 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Shares of FTNT stock traded down $2.06 during mid-day trading on Thursday, hitting $100.82. The company had a trading volume of 4,336,732 shares, compared to its average volume of 4,959,031. The company has a market capitalization of $77.17 billion, a P/E ratio of 41.49, a P/E/G ratio of 3.48 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The stock's 50 day moving average price is $101.82 and its 200-day moving average price is $100.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,488 shares of the firm'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 sale, the chief executive officer now directly owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Rosenblatt Securities restated a "buy" rating and issued a $125.00 price objective on shares of Fortinet in a research report on Tuesday. Robert W. Baird boosted their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Wolfe Research started coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. Finally, Scotiabank dropped their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $104.80.

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.