Gallacher Capital Management LLC Sells 104 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Gallacher Capital Management LLC cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,229 shares of the software maker’s stock after selling 104 shares during the period. Gallacher Capital Management LLC’s holdings in Fortinet were worth $305,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Golden State Wealth Management LLC bought a new position in Fortinet during the fourth quarter worth about $46,000. LFA Lugano Financial Advisors SA raised its stake in shares of Fortinet by 445.5% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock valued at $57,000 after purchasing an additional 490 shares during the period. Private Trust Co. NA raised its stake in shares of Fortinet by 95.0% in the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock valued at $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd acquired a new stake in shares of Fortinet in the 4th quarter valued at about $65,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Fortinet by 30.6% in the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 3.0 %

Shares of FTNT stock opened at $96.25 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market cap of $74.01 billion, a P/E ratio of 42.59, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The stock has a 50 day simple moving average of $102.17 and a 200 day simple moving average of $91.79. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,044 shares of the company’s 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 sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 622,904 shares of company stock worth $61,338,694. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTNT shares. Robert W. Baird reissued a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Jefferies Financial Group lifted their price target on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Citigroup lifted their price target on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Finally, Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.72.

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.