Choreo LLC Sells 5,619 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Choreo LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,043 shares of the software maker’s stock after selling 5,619 shares during the period. Choreo LLC’s holdings in Fortinet were worth $1,713,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. FMR LLC grew its position in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the period. Los Angeles Capital Management LLC boosted its holdings in Fortinet by 3,155.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares during the period. State Street Corp boosted its holdings in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. Worldquant Millennium Advisors LLC boosted its holdings in Fortinet by 98.9% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after buying an additional 724,887 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Fortinet by 27.6% in the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker’s stock worth $200,172,000 after buying an additional 558,807 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Cantor Fitzgerald raised their price objective on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday. Citigroup raised their price objective on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Royal Bank of Canada raised their price objective on shares of Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, Mizuho increased their target price on shares of Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $101.43.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were 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. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,860 shares of company stock valued at $6,469,056 in the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $107.66 on Friday. The stock has a market cap of $82.52 billion, a PE ratio of 54.37, a PEG ratio of 2.65 and a beta of 1.01. The company’s fifty day moving average is $97.38 and its 200 day moving average is $84.56. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $110.53. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. Research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

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.