Axecap Investments LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Axecap Investments LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 52,115 shares of the software maker’s stock, valued at approximately $5,017,000. Fortinet comprises approximately 4.3% of Axecap Investments LLC’s portfolio, making the stock its 3rd biggest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. Proficio Capital Partners LLC lifted its stake in shares of Fortinet by 18,353.2% in the 4th quarter. Proficio Capital Partners LLC now owns 547,323 shares of the software maker’s stock valued at $547,000 after purchasing an additional 544,357 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after purchasing an additional 16,139 shares in the last quarter. West Family Investments Inc. purchased a new position in shares of Fortinet in the fourth quarter valued at about $234,000. Colonial Trust Co SC lifted its position in shares of Fortinet by 61.7% in the fourth quarter. Colonial Trust Co SC now owns 1,665 shares of the software maker’s stock worth $157,000 after buying an additional 635 shares in the last quarter. Finally, Cache Advisors LLC bought a new stake in Fortinet during the fourth quarter worth approximately $688,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of analyst reports. Wolfe Research started coverage on Fortinet in a research note on Monday, May 12th. They set a “peer perform” rating on the stock. KeyCorp dropped their target price on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Stephens assumed coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price on the stock. Jefferies Financial Group reduced their price target on shares of Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Finally, Scotiabank dropped their price target on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $104.80.

Fortinet Trading Up 0.4%

Shares of Fortinet stock opened at $102.02 on Thursday. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The company’s 50-day simple moving average is $100.85 and its 200-day simple moving average is $99.97. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm has a market cap of $78.09 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06.

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

Fortinet Company 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.