3,848 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Callan Family Office LLC

Callan Family Office LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,848 shares of the software maker’s stock, valued at approximately $364,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new position in shares of Fortinet during the 4th quarter worth about $670,000. LVM Capital Management Ltd. MI grew its position in shares of Fortinet by 10.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after buying an additional 8,707 shares during the period. Apollon Wealth Management LLC grew its position in shares of Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after buying an additional 1,081 shares during the period. Trilogy Capital Inc. grew its position in shares of Fortinet by 17.8% during the 4th quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after buying an additional 3,544 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. grew its position in shares of Fortinet by 129.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 299,989 shares of the software maker’s stock worth $28,343,000 after buying an additional 169,530 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 5.2 %

FTNT stock opened at $96.04 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a market capitalization of $73.85 billion, a PE ratio of 42.50, a PEG ratio of 4.19 and a beta of 0.97. The business’s 50 day simple moving average is $102.08 and its 200 day simple moving average is $91.19.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent analyst reports. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a report on Friday. BMO Capital Markets lifted their price objective on Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a report on Tuesday, November 19th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 87,120 shares of company stock worth $8,991,409. 18.00% of the stock is currently owned by insiders.

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.