Choreo LLC Purchases 2,049 Shares of Fortinet, Inc. $FTNT

Choreo LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,271 shares of the software maker’s stock after buying an additional 2,049 shares during the quarter. Choreo LLC’s holdings in Fortinet were worth $1,931,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. Russell Investments Group Ltd. boosted its stake in Fortinet by 3.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,123,224 shares of the software maker’s stock valued at $118,257,000 after purchasing an additional 40,236 shares during the last quarter. Maia Wealth LLC lifted its holdings in shares of Fortinet by 226.5% during the second quarter. Maia Wealth LLC now owns 8,539 shares of the software maker’s stock valued at $903,000 after purchasing an additional 5,924 shares in the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of Fortinet by 21.6% during the second quarter. J.W. Cole Advisors Inc. now owns 17,737 shares of the software maker’s stock valued at $1,875,000 after buying an additional 3,156 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Fortinet by 5.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 42,425 shares of the software maker’s stock worth $4,485,000 after buying an additional 2,113 shares in the last quarter. Finally, Laurel Wealth Advisors LLC raised its position in Fortinet by 10,480.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 529 shares of the software maker’s stock worth $56,000 after buying an additional 524 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on FTNT shares. Morgan Stanley reaffirmed an “underweight” rating and set a $67.00 price target (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Piper Sandler dropped their target price on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. BMO Capital Markets decreased their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Evercore ISI lowered their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Finally, Daiwa Capital Markets lowered Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $90.37.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 17.20% of the company’s stock.

Fortinet Trading Up 0.7%

Shares of FTNT stock opened at $81.13 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a market cap of $60.33 billion, a price-to-earnings ratio of 32.32, a PEG ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a fifty day moving average price of $83.53 and a 200-day moving average price of $90.88.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the business earned $0.63 earnings per share. Fortinet’s quarterly revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.