Gallacher Capital Management LLC Has $305,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Gallacher Capital Management LLC reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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.

Other hedge funds also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in Fortinet in the 4th quarter worth about $46,000. LFA Lugano Financial Advisors SA boosted its stake in shares of Fortinet by 445.5% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after acquiring an additional 490 shares in the last quarter. Private Trust Co. NA boosted its stake in shares of Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after acquiring an additional 307 shares in the last quarter. R Squared Ltd bought a new stake in shares of Fortinet during the 4th quarter worth about $65,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after acquiring an additional 163 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 23,500 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This trade represents a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the director now owns 18,612 shares in the company, valued at $1,861,200. This represents a 9.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 622,904 shares of company stock worth $61,338,694 in the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 3.0 %

Shares of FTNT opened at $96.25 on Monday. The firm has a market capitalization of $74.01 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business’s fifty day moving average price is $102.17 and its two-hundred day moving average price is $91.79. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

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

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Morgan Stanley upped their price target on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. Finally, JPMorgan Chase & Co. increased their target price on Fortinet from $99.00 to $105.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Company 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.