Callahan Advisors LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Callahan Advisors LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,496 shares of the software maker's stock after selling 3,145 shares during the period. Fortinet comprises approximately 1.3% of Callahan Advisors LLC's holdings, making the stock its 29th largest holding. Callahan Advisors LLC's holdings in Fortinet were worth $13,139,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FTNT. Eagle Capital Management LLC grew its stake in shares of Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares during the last quarter. ORG Partners LLC grew its stake in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. Cornerstone Enterprises LLC grew its stake in shares of Fortinet by 2.3% during the first quarter. Cornerstone Enterprises LLC now owns 5,018 shares of the software maker's stock worth $483,000 after acquiring an additional 115 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in shares of Fortinet by 1.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker's stock worth $902,000 after acquiring an additional 116 shares during the last quarter. Finally, Strategic Blueprint LLC grew its stake in shares of Fortinet by 5.2% during the first quarter. Strategic Blueprint LLC now owns 2,387 shares of the software maker's stock worth $230,000 after acquiring an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

NASDAQ:FTNT traded down $1.14 during trading hours on Friday, reaching $99.06. The company had a trading volume of 4,128,922 shares, compared to its average volume of 4,878,779. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market cap of $75.82 billion, a PE ratio of 40.77, a price-to-earnings-growth ratio of 3.42 and a beta of 1.06. The business's 50 day moving average price is $103.23 and its 200-day moving average price is $100.99. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 EPS. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the sale, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FTNT. Wall Street Zen upgraded Fortinet from a "hold" rating to a "buy" rating in a research note on Saturday. KeyCorp dropped their price target on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Jefferies Financial Group decreased their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a report on Monday, March 31st. Finally, Cantor Fitzgerald decreased their target price on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $105.62.

About Fortinet

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.