Gallacher Capital Management LLC Buys New Holdings in Fortinet, Inc. $FTNT

Key Points

• Gallacher Capital Management LLC has acquired a new position in Fortinet, purchasing 3,834 shares valued at approximately $405,000 during the second quarter.
• Fortinet's latest quarterly earnings report indicated an earnings per share (EPS) of $0.64, surpassing estimates, and revenue of $1.63 billion, reflecting a 13.6% year-over-year increase.
• Recent analyst ratings have varied, with target price reductions from firms like Evercore ISI and Scotiabank, while Cantor Fitzgerald raised its target price, indicating mixed sentiment among analysts regarding Fortinet's stock performance.

Gallacher Capital Management LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,834 shares of the software maker's stock, valued at approximately $405,000.

Several other large investors have also made changes to their positions in FTNT. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Saudi Central Bank acquired a new position in shares of Fortinet in the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new stake in shares of Fortinet in the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC raised its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of Fortinet stock opened at $81.00 on Tuesday. The stock has a market capitalization of $62.07 billion, a P/E ratio of 32.27, a PEG ratio of 3.01 and a beta of 1.13. The business has a 50 day simple moving average of $89.15 and a two-hundred day simple moving average of $96.59. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. 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 - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FTNT shares. Evercore ISI dropped their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research note on Friday, August 8th. Scotiabank cut their price objective on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a report on Thursday, August 7th. Cantor Fitzgerald increased their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Barclays dropped their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Finally, BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and an average target price of $97.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction that occurred 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 completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

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.

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