Chevy Chase Trust Holdings LLC Sells 6,065 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Chevy Chase Trust Holdings LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 340,406 shares of the software maker’s stock after selling 6,065 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Fortinet were worth $26,398,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Apollon Wealth Management LLC boosted its stake in Fortinet by 7.6% during the 3rd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the period. Forsta AP Fonden boosted its stake in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP boosted its stake in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Cetera Investment Advisers boosted its stake in Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares during the period. Finally, Empower Advisory Group LLC boosted its stake in Fortinet by 4.2% during the 3rd quarter. Empower Advisory Group LLC now owns 1,008,224 shares of the software maker’s stock valued at $78,188,000 after purchasing an additional 40,277 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CFO Keith Jensen sold 17,650 shares of the firm’s stock in a transaction 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 directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,745 shares of company stock valued at $5,746,974. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.3 %

NASDAQ FTNT opened at $95.32 on Tuesday. The stock has a fifty day moving average of $84.33 and a 200-day moving average of $71.69. The stock has a market capitalization of $73.06 billion, a P/E ratio of 48.14, a price-to-earnings-growth ratio of 2.76 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $50.65 and a 52 week high of $100.59. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Piper Sandler raised their price objective on Fortinet from $80.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Truist Financial reiterated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. BMO Capital Markets raised their price objective on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Finally, Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $88.93.

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.