Lecap Asset Management Ltd. Acquires New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Lecap Asset Management Ltd. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,773 shares of the software maker’s stock, valued at approximately $640,000.

Several other institutional investors also recently bought and sold shares of the stock. CWM LLC lifted its holdings in Fortinet by 95.0% in the 3rd quarter. CWM LLC now owns 76,564 shares of the software maker’s stock worth $5,938,000 after purchasing an additional 37,294 shares during the last quarter. Wedmont Private Capital lifted its stake in shares of Fortinet by 24.0% in the third quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after buying an additional 1,045 shares during the last quarter. Perpetual Ltd boosted its holdings in shares of Fortinet by 98.7% during the 3rd quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after buying an additional 12,054 shares during the period. ORBA Wealth Advisors L.L.C. grew its stake in Fortinet by 30.8% in the 3rd quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock valued at $1,512,000 after buying an additional 4,591 shares during the last quarter. Finally, JGP Wealth Management LLC raised its holdings in Fortinet by 3.4% in the 3rd quarter. JGP Wealth Management LLC now owns 16,035 shares of the software maker’s stock worth $1,244,000 after acquiring an additional 532 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock valued at $6,469,056 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 2.8 %

FTNT stock opened at $107.66 on Friday. The business has a fifty day moving average price of $97.38 and a 200 day moving average price of $84.56. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $110.53. The stock has a market capitalization of $82.52 billion, a price-to-earnings ratio of 54.37, a P/E/G ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Analysts expect that Fortinet, Inc. will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FTNT shares. UBS Group upped their price target on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Royal Bank of Canada increased their target price on Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday. Morgan Stanley increased their price objective on Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, Raymond James reaffirmed a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $101.43.

Fortinet 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.