Callahan Advisors LLC Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Callahan Advisors LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 140,609 shares of the software maker’s stock after selling 1,185 shares during the quarter. Callahan Advisors LLC’s holdings in Fortinet were worth $10,904,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. FORA Capital LLC bought a new stake in Fortinet in the 1st quarter worth approximately $314,000. Central Pacific Bank Trust Division acquired a new position in Fortinet during the 1st quarter valued at about $190,000. GSA Capital Partners LLP acquired a new position in shares of Fortinet in the first quarter valued at about $569,000. Signaturefd LLC grew its holdings in Fortinet by 42.0% during the first quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after acquiring an additional 4,461 shares during the period. Finally, Valley Wealth Managers Inc. boosted its position in Fortinet by 18.5% during the first quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock worth $382,000 after purchasing an additional 871 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. Royal Bank of Canada raised their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Rosenblatt Securities lifted their price target on Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Robert W. Baird boosted their price target on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Finally, Barclays upped their price target on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $74.68.

Fortinet Price Performance

Shares of Fortinet stock opened at $77.92 on Wednesday. Fortinet, Inc. has a twelve month low of $47.66 and a twelve month high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a 50-day simple moving average of $78.18 and a two-hundred day simple moving average of $67.73. The stock has a market capitalization of $59.60 billion, a price-to-earnings ratio of 46.11, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. Analysts forecast that Fortinet, Inc. will post 1.75 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 70,538 shares of company stock worth $5,403,559 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

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.