Comerica Bank Sells 6,379 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Comerica Bank cut its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,477 shares of the software maker's stock after selling 6,379 shares during the period. Comerica Bank's holdings in Fortinet were worth $15,729,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Fortinet during the 4th quarter worth about $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after purchasing an additional 272 shares during the period. Graney & King LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter worth $46,000. Finally, Runnymede Capital Advisors Inc. bought a new stake in shares of Fortinet during the 4th quarter worth $56,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares in the company, valued at $1,079,876,675.56. This represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $517,076.48. The trade was a 78.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 576,944 shares of company stock valued at $56,944,064 over the last quarter. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.4 %

NASDAQ FTNT opened at $104.21 on Friday. The stock's 50 day simple moving average is $98.68 and its 200 day simple moving average is $96.44. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $80.13 billion, a PE ratio of 46.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. Stifel Nicolaus lifted their target price on shares of Fortinet from $103.00 to $115.00 and gave the stock a "hold" rating in a report on Friday, February 7th. Scotiabank lifted their price objective on Fortinet from $115.00 to $135.00 and gave the stock a "sector outperform" rating in a research note on Friday, February 7th. Piper Sandler restated an "overweight" rating and set a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Rosenblatt Securities lifted their price target on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $104.77.

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.

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