Fortinet, Inc. (NASDAQ:FTNT) Position Trimmed by Choreo LLC

Choreo LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of FTNT. Atwood & Palmer Inc. purchased a new stake in Fortinet during the fourth quarter valued at about $29,000. Headinvest LLC acquired a new stake in shares of Fortinet during the third quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Fortinet in the 3rd quarter valued at approximately $37,000. Rakuten Securities Inc. acquired a new position in Fortinet in the 4th quarter worth approximately $43,000. Finally, CVA Family Office LLC purchased a new position in Fortinet during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTNT. Jefferies Financial Group reduced their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 price target for the company. in a report on Wednesday, February 7th. Finally, Royal Bank of Canada upped their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated 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 transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,139 shares of company stock worth $8,977,876. Company insiders own 17.54% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $63.53 on Thursday. The company has a market cap of $48.49 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.80 and a beta of 1.08. The business has a 50 day moving average price of $67.78 and a 200 day moving average price of $61.87. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business earned $0.38 earnings per share. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. 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.