Callahan Advisors LLC Has $13.19 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Callahan Advisors LLC lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.7% during the 4th quarter, Holdings Channel reports. The firm owned 139,641 shares of the software maker’s stock after selling 968 shares during the quarter. Fortinet makes up about 1.2% of Callahan Advisors LLC’s investment portfolio, making the stock its 27th biggest position. Callahan Advisors LLC’s holdings in Fortinet were worth $13,193,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Valley Wealth Managers Inc. boosted its stake in shares of Fortinet by 6.1% in the 4th quarter. Valley Wealth Managers Inc. now owns 6,702 shares of the software maker’s stock valued at $633,000 after purchasing an additional 384 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after buying an additional 163 shares in the last quarter. Empower Advisory Group LLC lifted its position in Fortinet by 1.4% during the 4th quarter. Empower Advisory Group LLC now owns 1,022,383 shares of the software maker’s stock worth $96,595,000 after buying an additional 14,159 shares in the last quarter. Truist Financial Corp lifted its position in Fortinet by 17.5% during the 4th quarter. Truist Financial Corp now owns 46,429 shares of the software maker’s stock worth $4,387,000 after buying an additional 6,914 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its position in Fortinet by 3.7% during the 4th quarter. CIBC Asset Management Inc now owns 230,469 shares of the software maker’s stock worth $21,775,000 after buying an additional 8,278 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.5 %

NASDAQ:FTNT opened at $111.64 on Tuesday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average price of $98.89 and a two-hundred day moving average price of $87.15. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Stifel Nicolaus boosted their price objective on Fortinet from $103.00 to $115.00 and gave the stock a “hold” rating in a report on Friday, February 7th. Scotiabank boosted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a “sector outperform” rating in a report on Friday, February 7th. Barclays boosted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Finally, Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $103.72.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,610 shares of company stock valued at $6,083,029. 18.00% of the stock is owned by insiders.

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.