Lecap Asset Management Ltd. Has $1.46 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Lecap Asset Management Ltd. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 123.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,160 shares of the software maker's stock after purchasing an additional 8,387 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Fortinet were worth $1,459,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Global Assets Advisory LLC purchased a new position in Fortinet during the first quarter worth about $271,000. Archford Capital Strategies LLC increased its position in Fortinet by 107.8% during the first quarter. Archford Capital Strategies LLC now owns 8,864 shares of the software maker's stock worth $853,000 after buying an additional 4,598 shares in the last quarter. Moran Wealth Management LLC purchased a new stake in shares of Fortinet during the first quarter worth about $9,412,000. St. Johns Investment Management Company LLC raised its holdings in Fortinet by 726.0% in the 1st quarter. St. Johns Investment Management Company LLC now owns 6,302 shares of the software maker's stock valued at $607,000 after acquiring an additional 5,539 shares during the last quarter. Finally, YHB Investment Advisors Inc. lifted its position in Fortinet by 3.9% during the first quarter. YHB Investment Advisors Inc. now owns 68,354 shares of the software maker's stock worth $6,580,000 after buying an additional 2,557 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ FTNT traded down $0.75 on Friday, reaching $103.11. The company's stock had a trading volume of 5,705,689 shares, compared to its average volume of 4,872,385. 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 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. The firm has a market cap of $78.92 billion, a PE ratio of 42.43, a price-to-earnings-growth ratio of 3.58 and a beta of 1.06. The business has a 50-day moving average price of $102.54 and a 200 day moving average price of $100.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company earned $0.43 EPS. Fortinet's revenue was up 13.8% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on FTNT shares. Morgan Stanley decreased their price target on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Royal Bank Of Canada dropped their price target 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. Stephens began coverage on shares of Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target for the company. Wall Street Zen raised Fortinet from a "hold" rating to a "buy" rating in a research note on Tuesday, May 20th. Finally, KeyCorp dropped their target price on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and an average target price of $105.62.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

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.