Lecap Asset Management Ltd. Acquires 8,387 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Lecap Asset Management Ltd. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 123.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 15,160 shares of the software maker’s stock after buying an additional 8,387 shares during the period. Lecap Asset Management Ltd.’s holdings in Fortinet were worth $1,459,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Global Assets Advisory LLC bought a new position in shares of Fortinet in the 1st quarter worth approximately $271,000. Archford Capital Strategies LLC raised its stake in Fortinet by 107.8% during the 1st quarter. Archford Capital Strategies LLC now owns 8,864 shares of the software maker’s stock worth $853,000 after acquiring an additional 4,598 shares during the period. Moran Wealth Management LLC bought a new stake in Fortinet during the 1st quarter worth approximately $9,412,000. St. Johns Investment Management Company LLC raised its stake in Fortinet by 726.0% during the 1st quarter. St. Johns Investment Management Company LLC now owns 6,302 shares of the software maker’s stock worth $607,000 after acquiring an additional 5,539 shares during the period. Finally, YHB Investment Advisors Inc. raised its stake in Fortinet by 3.9% during the 1st quarter. YHB Investment Advisors Inc. now owns 68,354 shares of the software maker’s stock worth $6,580,000 after acquiring an additional 2,557 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Cantor Fitzgerald decreased their target price on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company decreased their target price on shares of Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a research note on Tuesday, April 22nd. Royal Bank Of Canada decreased their target price on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 8th. Finally, Robert W. Baird raised their target price on shares of Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $105.62.

Insider Activity

In related news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction that occurred on 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 owns 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

FTNT opened at $103.69 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The company has a market cap of $79.37 billion, a P/E ratio of 42.67, a price-to-earnings-growth ratio of 3.60 and a beta of 1.06. The firm’s 50-day moving average price is $102.25 and its 200-day moving average price is $100.39.

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, beating 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 firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.