Callan Family Office LLC Takes $1.30 Million Position in Fortinet, Inc. $FTNT

Key Points

• Callan Family Office LLC has acquired a new stake in Fortinet, Inc., purchasing 12,267 shares valued at approximately $1.30 million during the second quarter.
• Major investors such as Vanguard Group and Invesco have also increased their positions in Fortinet, with 83.71% of the stock being owned by hedge funds and institutional investors.
• Several brokerages have reduced their price targets for Fortinet, with Wells Fargo lowering it to $85.00 and Mizuho setting theirs at $75.00, amidst a mixed analyst outlook for the stock.

Callan Family Office LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 12,267 shares of the software maker's stock, valued at approximately $1,297,000.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. Invesco Ltd. lifted its position in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock valued at $824,999,000 after buying an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after purchasing an additional 1,026,277 shares during the period. Northern Trust Corp raised its stake in Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker's stock valued at $627,573,000 after purchasing an additional 49,238 shares during the period. Finally, AQR Capital Management LLC raised its stake in Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on FTNT. Wells Fargo & Company decreased their target price on Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. UBS Group decreased their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Mizuho decreased their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Finally, Truist Financial decreased their target price on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $97.03.

Fortinet Stock Performance

NASDAQ FTNT opened at $83.06 on Monday. The company has a market cap 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 quick ratio of 1.24 and a current ratio of 1.33. The business's 50 day moving average price is $81.72 and its 200-day moving average price is $94.52. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Fortinet's revenue was up 13.6% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.

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