O Fortuna, it is not a “chant,” it is a poem. I assume you are thinking of Orff’s 1936 musical setting? I am puzzled by the non-sequitur “is it of a satanic nature? I am wondering, because I hear it often in orchestral settings” – why would its being given orchestral settings make you wonder if it is “of a satanic nature”? Because it sounds spooky?
In any event, you can read the quite harmless lyrics
here. The poem is a lament about the fickleness of fortune. Although it is a secular work, the idea of fortune-as-wheel (now it lifts some, now it plunges others to the bottom) was made most famous by St. Boethius in the great sixth-century Christian work
Consolatio Philosophiae, The Consolation of Philosophy:
You have subjected yourself to the dominion of Fortune; it becomes you, then, as an humble subject, to obey her law. What! would you stop the rolling of her wheel? Ah! foolish mortal! do you not see, that if Fortune were permanent, she would cease to exist?
Journey treated the same theme in
Wheel in the Sky:
Ooh, the wheel in the sky keeps on turnin’
I don’t know where I’ll be tomorrow