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

Callahan Advisors LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 139,641 shares of the software maker’s stock after selling 968 shares during the period. Fortinet makes up approximately 1.2% of Callahan Advisors LLC’s portfolio, making the stock its 27th largest position. Callahan Advisors LLC’s holdings in Fortinet were worth $13,193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Manchester Capital Management LLC lifted its position in shares of Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock worth $80,000 after purchasing an additional 100 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its position in shares of Fortinet by 1.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its position in shares of Fortinet by 1.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock worth $789,000 after purchasing an additional 114 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Fortinet by 13.1% during the 4th quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the last quarter. Finally, Diversified Trust Co lifted its position in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, Director William H. Neukom purchased 355 shares of the stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 63,610 shares of company stock valued at $6,083,029 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

FTNT stock opened at $111.64 on Tuesday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37. The firm has a 50 day simple moving average of $98.89 and a 200 day simple moving average of $87.15. The stock has a market cap of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. Research analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FTNT. Raymond James reissued a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $95.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley boosted their price target on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $103.72.

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.