Callan Family Office LLC Makes New $1.30 Million Investment in Fortinet, Inc. $FTNT

Callan Family Office LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 12,267 shares of the software maker’s stock, valued at approximately $1,297,000.

Several other hedge funds have also made changes to their positions in FTNT. Brighton Jones LLC lifted its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares during the period. Bison Wealth LLC bought a new position in shares of Fortinet in the 4th quarter worth $585,000. GAMMA Investing LLC raised its position in shares of Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after acquiring an additional 3,189 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Fortinet by 4.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock worth $1,708,000 after acquiring an additional 677 shares in the last quarter. Finally, Simon Quick Advisors LLC raised its position in shares of Fortinet by 70.7% in the 1st quarter. Simon Quick Advisors LLC now owns 4,001 shares of the software maker’s stock worth $385,000 after acquiring an additional 1,657 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Down 3.6%

Shares of NASDAQ:FTNT opened at $83.06 on Monday. The business’s 50-day moving average is $81.72 and its 200 day moving average is $94.52. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a market capitalization of $63.64 billion, a P/E ratio of 33.09, a P/E/G ratio of 3.13 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 earnings per share. On average, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Mizuho reduced their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Wells Fargo & Company reduced their price target on Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. Finally, Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $97.03.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate 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.