Choreo LLC Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Choreo LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 24.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,789 shares of the software maker’s stock after purchasing an additional 3,937 shares during the period. Choreo LLC’s holdings in Fortinet were worth $1,185,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Vima LLC purchased a new stake in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC purchased a new position in shares of Fortinet in the 1st quarter valued at approximately $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in Fortinet in the fourth quarter worth $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the second quarter worth $33,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $74.49 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a market capitalization of $56.91 billion, a P/E ratio of 48.69, a PEG ratio of 2.71 and a beta of 0.99. The company has a 50-day moving average price of $66.99 and a 200-day moving average price of $65.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.31 EPS. Equities research analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock worth $4,573,864 over the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTNT. UBS Group upped their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a report on Thursday, August 8th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Thursday, July 18th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $71.31.

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.