Chevy Chase Trust Holdings LLC Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Chevy Chase Trust Holdings LLC decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 333,826 shares of the software maker’s stock after selling 6,580 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Fortinet were worth $31,540,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. First Hawaiian Bank purchased a new stake in Fortinet during the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI raised its position in Fortinet by 10.7% during the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares in the last quarter. Apollon Wealth Management LLC raised its position in Fortinet by 7.6% during the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares in the last quarter. Trilogy Capital Inc. raised its position in Fortinet by 17.8% during the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares in the last quarter. Finally, Forsta AP Fonden increased its holdings in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.5 %

FTNT stock opened at $111.64 on Friday. The stock has a market capitalization of $85.57 billion, a P/E ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. The firm has a 50-day simple moving average of $98.60 and a 200-day simple moving average of $86.37. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $112.37.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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 net margin of 29.30% and a return on equity of 463.85%. Equities analysts forecast that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total value of $386,027.50. Following the completion of the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Barclays lifted their price objective on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, November 8th. Morgan Stanley lifted their price objective on Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada lifted their price objective on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

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.