Axecap Investments LLC Invests $5.02 Million in Fortinet, Inc. (NASDAQ:FTNT)

Axecap Investments LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 52,115 shares of the software maker's stock, valued at approximately $5,017,000. Fortinet makes up about 4.3% of Axecap Investments LLC's portfolio, making the stock its 3rd biggest position.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in Fortinet during the 4th quarter valued at $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet in the 4th quarter worth $389,867,000. FMR LLC increased its stake in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock worth $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Fortinet by 72.6% in the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after purchasing an additional 2,064,016 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Wells Fargo & Company reduced their price objective on Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price objective for the company. Cantor Fitzgerald dropped their price objective on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Finally, KeyCorp dropped their price objective on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Fortinet Trading Down 0.4%

Shares of NASDAQ FTNT traded down $0.36 during midday trading on Thursday, reaching $101.66. 2,945,117 shares of the stock were exchanged, compared to its average volume of 4,966,592. The company has a market capitalization of $77.81 billion, a P/E ratio of 44.98, a P/E/G ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a 50 day moving average price of $100.85 and a 200-day moving average price of $99.97.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $0.43 earnings per share. Fortinet's revenue was up 13.8% compared to the same quarter last year. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the company's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction 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. Corporate insiders own 17.20% of the company's stock.

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.