Lecap Asset Management Ltd. Buys Shares of 6,773 Fortinet, Inc. (NASDAQ:FTNT)

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

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Golden State Wealth Management LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. Ameliora Wealth Management Ltd. bought a new position in shares of Fortinet during the fourth quarter valued at approximately $265,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Fortinet by 2.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,550,733 shares of the software maker’s stock worth $146,513,000 after purchasing an additional 37,009 shares during the period. Trilogy Capital Inc. lifted its holdings in shares of Fortinet by 17.8% in the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Finally, Money Concepts Capital Corp boosted its position in Fortinet by 2.6% during the 4th quarter. Money Concepts Capital Corp now owns 17,701 shares of the software maker’s stock valued at $1,672,000 after purchasing an additional 449 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 22,916 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the transaction, the chief executive officer now owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 355 shares of the company’s stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FTNT. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research report on Friday. Citigroup upped their target price on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Wells Fargo & Company lifted their price target on Fortinet from $85.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Guggenheim reissued a “neutral” rating on shares of Fortinet in a report on Friday. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $101.43.

Fortinet Stock Up 2.8 %

Shares of NASDAQ:FTNT opened at $107.66 on Friday. The firm has a 50 day simple moving average of $97.38 and a 200 day simple moving average of $84.56. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.53. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company has a market cap of $82.52 billion, a PE ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. As a group, research analysts expect that Fortinet, Inc. will post 1.95 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.