Fifth Third Bancorp Increases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Fifth Third Bancorp grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 12.4% in the first quarter, according to the company in its most recent Form 13F 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 quarter. Fifth Third Bancorp’s holdings in Fortinet were worth $2,199,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Simon Quick Advisors LLC increased its position in shares of Fortinet by 70.7% in the first quarter. Simon Quick Advisors LLC now owns 4,001 shares of the software maker’s stock valued at $385,000 after buying an additional 1,657 shares in the last quarter. Axecap Investments LLC purchased a new position in shares of Fortinet in the first quarter valued at $5,017,000. Eagle Capital Management LLC increased its position in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after buying an additional 109 shares in the last quarter. USA Financial Formulas increased its position in shares of Fortinet by 69.0% in the first quarter. USA Financial Formulas now owns 25,223 shares of the software maker’s stock valued at $2,428,000 after buying an additional 10,297 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Fortinet by 4.0% during the first quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock valued at $1,708,000 after acquiring an additional 677 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director now directly owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on FTNT shares. Wells Fargo & Company decreased their price objective on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus decreased their price objective on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research note on Thursday, May 8th. Morgan Stanley decreased their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald decreased their price objective on Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Finally, Scotiabank decreased their price objective on 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 assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.80.

Fortinet Price Performance

FTNT stock opened at $100.83 on Friday. 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, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The stock’s 50 day moving average is $101.38 and its two-hundred day moving average is $100.10. The company has a market capitalization of $77.18 billion, a PE ratio of 44.62, a P/E/G ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 EPS. Analysts predict that Fortinet, Inc. will post 2.09 earnings per share 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.