Gallacher Capital Management LLC Invests $371,000 in Fortinet, Inc. (NASDAQ:FTNT)

Gallacher Capital Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,345 shares of the software maker’s stock, valued at approximately $371,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the fourth quarter worth about $29,000. Headinvest LLC bought a new position in shares of Fortinet in the third quarter worth about $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Fortinet in the third quarter worth about $37,000. Rakuten Securities Inc. bought a new position in Fortinet in the 4th quarter valued at approximately $43,000. Finally, CVA Family Office LLC bought a new position in Fortinet in the 4th quarter valued at approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT traded down $0.07 during midday trading on Monday, hitting $58.81. The stock had a trading volume of 14,425,487 shares, compared to its average volume of 5,947,043. The company has a market cap of $44.89 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 2.60 and a beta of 1.08. The business has a fifty day moving average of $67.53 and a 200 day moving average of $61.95. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,480 shares of company stock worth $8,021,556. 17.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Susquehanna reduced their price objective on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday. JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday. Cantor Fitzgerald reduced their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday. Sanford C. Bernstein initiated coverage on Fortinet in a research note on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price on the stock. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Friday. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.37.

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.