Callahan Advisors LLC Sells 1,185 Shares of Fortinet, Inc. (NASDAQ:FTNT)

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

A number of other institutional investors also recently modified their holdings of FTNT. FORA Capital LLC bought a new stake in shares of Fortinet in the 1st quarter valued at $314,000. Central Pacific Bank Trust Division acquired a new position in Fortinet during the first quarter worth $190,000. GSA Capital Partners LLP acquired a new position in Fortinet during the first quarter worth $569,000. Signaturefd LLC raised 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 buying an additional 4,461 shares during the last quarter. Finally, Valley Wealth Managers Inc. raised its holdings in shares of Fortinet by 18.5% in the first quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock valued at $382,000 after purchasing an additional 871 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 70,538 shares of company stock worth $5,403,559 over the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $77.92 on Wednesday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business has a 50-day moving average price of $78.18 and a 200 day moving average price of $67.73. The company has a market capitalization of $59.60 billion, a P/E ratio of 46.11, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $47.66 and a 1-year high of $83.77.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Company lifted their price target on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Morgan Stanley cut their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Finally, HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 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 given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $74.68.

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.