Choreo LLC Sells 175 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Choreo LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the 4th quarter, Holdings Channel reports. The fund owned 16,250 shares of the software maker’s stock after selling 175 shares during the period. Choreo LLC’s holdings in Fortinet were worth $951,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FTNT. First Trust Direct Indexing L.P. boosted its position in Fortinet by 1.6% in the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after purchasing an additional 197 shares during the last quarter. Catalyst Financial Partners LLC increased its stake in Fortinet by 5.1% in the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock worth $254,000 after acquiring an additional 209 shares during the last quarter. Realta Investment Advisors raised its stake in Fortinet by 6.8% in the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after purchasing an additional 217 shares in the last quarter. First Foundation Advisors raised its position in shares of Fortinet by 0.6% during the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after buying an additional 223 shares in the last quarter. Finally, Syntax Advisors LLC lifted its stake in Fortinet by 7.0% during the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock worth $201,000 after purchasing an additional 224 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Over the last three months, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FTNT shares. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Sanford C. Bernstein began coverage on Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price for the company. HSBC lowered shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price objective for the company. in a report on Wednesday, February 7th. Truist Financial boosted their target price on shares of Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Trading Up 0.6 %

Fortinet stock opened at $63.53 on Thursday. The firm has a 50 day moving average of $67.78 and a 200 day moving average of $61.87. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm has a market capitalization of $48.49 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 2.80 and a beta of 1.08. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm earned $0.38 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

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.