Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 333,826 shares of the software maker's stock after selling 6,580 shares during the quarter. Chevy Chase Trust Holdings LLC's holdings in Fortinet were worth $31,540,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of Fortinet by 276.3% in the third quarter. FMR LLC now owns 3,685,230 shares of the software maker's stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake 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 valued at $95,948,000 after buying an additional 1,199,241 shares in the last quarter. State Street Corp raised its holdings in shares of Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after acquiring an additional 766,135 shares during the last quarter. Worldquant Millennium Advisors LLC boosted its stake in shares of Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker's stock valued at $113,057,000 after acquiring an additional 724,887 shares during the last quarter. Finally, Bank of Montreal Can increased its position in Fortinet by 27.6% during the 3rd quarter. Bank of Montreal Can now owns 2,584,528 shares of the software maker's stock worth $200,172,000 after purchasing an additional 558,807 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,044 shares of Fortinet 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 sale, 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,610 shares of company stock worth $6,083,029. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

Shares of FTNT traded up $2.62 during mid-day trading on Tuesday, hitting $114.26. The stock had a trading volume of 6,503,502 shares, compared to its average volume of 4,493,379. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $87.57 billion, a PE ratio of 50.56, a PEG ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company's fifty day simple moving average is $98.89 and its two-hundred day simple moving average is $87.15.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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%. On average, equities analysts expect that Fortinet, Inc. will post 2.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FTNT. Barclays lifted their price target on shares of Fortinet from $85.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Fortinet from $77.00 to $90.00 and gave the stock a "hold" rating in a research note on Tuesday, November 19th. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, November 11th. Wedbush lifted their price objective on Fortinet from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Finally, StockNews.com upgraded Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus target price of $103.72.

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.