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

Choreo LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of FTNT. Money Concepts Capital Corp boosted its stake in Fortinet by 2.6% during the fourth quarter. Money Concepts Capital Corp now owns 17,701 shares of the software maker’s stock worth $1,672,000 after acquiring an additional 449 shares in the last quarter. Lion Street Advisors LLC boosted its stake in Fortinet by 29.1% during the fourth quarter. Lion Street Advisors LLC now owns 18,435 shares of the software maker’s stock worth $1,742,000 after acquiring an additional 4,160 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Fortinet by 34.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,299 shares of the software maker’s stock worth $22,680,000 after acquiring an additional 60,249 shares in the last quarter. Jackson Wealth Management LLC bought a new stake in Fortinet during the fourth quarter worth about $4,731,000. Finally, Groesbeck Investment Management Corp NJ boosted its stake in Fortinet by 5.5% during the fourth quarter. Groesbeck Investment Management Corp NJ now owns 14,649 shares of the software maker’s stock worth $1,384,000 after acquiring an additional 765 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $107.66 on Friday. The firm has a 50 day moving average of $97.38 and a 200 day moving average of $84.56. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $82.52 billion, a price-to-earnings ratio of 54.37, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $110.53.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 26.79% and a return on equity of 973.30%. On average, research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. The trade was a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last three months. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FTNT shares. Truist Financial reissued a “buy” rating and set a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Piper Sandler reissued an “overweight” rating and set a $135.00 price objective (up previously from $120.00) on shares of Fortinet in a research note on Friday. Baird R W cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $101.43.

About Fortinet

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.