Comerica Bank Trims Position in Fortinet, Inc. $FTNT

Key Points

• Comerica Bank cut its Fortinet stake by 12.1% in Q4, selling 13,629 shares and leaving it with 98,782 shares valued at about $7.84 million.
• Insiders CEO Ken Xie and VP Michael Xie sold large blocks on Feb. 2 (175,737 and 343,106 shares, roughly $14.3M and $27.9M respectively), though insiders still own about 17.20% of the company.
• Fortinet beat Q4 estimates (EPS $0.81 vs. $0.74; revenue $1.91B vs. $1.86B), issued Q1 and FY2026 guidance (Q1: $0.590–0.630; FY: $2.940–3.000), while analysts hold a consensus "Hold" with a $87.72 target price.

Comerica Bank cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 12.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 98,782 shares of the software maker's stock after selling 13,629 shares during the period. Comerica Bank's holdings in Fortinet were worth $7,844,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC increased its stake in shares of Fortinet by 3.9% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 44,742 shares of the software maker's stock valued at $3,553,000 after buying an additional 1,669 shares during the period. Aprio Wealth Management LLC increased its stake in shares of Fortinet by 4.5% during the fourth quarter. Aprio Wealth Management LLC now owns 3,561 shares of the software maker's stock valued at $283,000 after buying an additional 153 shares during the period. D.A. Davidson & CO. increased its stake in shares of Fortinet by 4.5% during the fourth quarter. D.A. Davidson & CO. now owns 21,025 shares of the software maker's stock valued at $1,670,000 after buying an additional 898 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Fortinet by 25.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,155,993 shares of the software maker's stock valued at $250,716,000 after buying an additional 630,369 shares during the period. Finally, Inscription Capital LLC increased its stake in shares of Fortinet by 78.7% during the fourth quarter. Inscription Capital LLC now owns 13,165 shares of the software maker's stock valued at $1,045,000 after buying an additional 5,799 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 175,737 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $14,308,506.54. Following the sale, the chief executive officer directly owned 51,396,385 shares of the company's stock, valued at approximately $4,184,693,666.70. This represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 343,106 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $81.42, for a total value of $27,935,690.52. Following the completion of the sale, the vice president directly owned 10,210,282 shares in the company, valued at approximately $831,321,160.44. This represents a 3.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Arete Research set a $104.00 target price on Fortinet and gave the company a "buy" rating in a research note on Monday. Wells Fargo & Company started coverage on Fortinet in a research note on Tuesday, March 3rd. They issued an "underweight" rating and a $64.00 price target on the stock. Rosenblatt Securities upped their price target on Fortinet from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 6th. Evercore set a $80.00 price target on Fortinet in a research note on Friday, February 6th. Finally, Freedom Capital cut Fortinet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-one have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $87.72.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Arete Research upgraded Fortinet from "strong sell" to "strong buy," a move that can attract buy-side interest and support shares after recent underperformance. Arete Research upgrade reported by Zacks
• Positive Sentiment: Fortinet will participate in the World Economic Forum Annual Meeting on Cybersecurity (May 4–6), raising the company's visibility with governments and large enterprises and reinforcing its leadership position in public‑private cyber initiatives. Fortinet returns to join Global Leaders at the World Economic Forum
• Neutral Sentiment: Fortinet published its 2026 Global Cybersecurity Skills Gap Report, highlighting large and persistent demand for security capabilities (supporting product/service demand) but also noting hiring constraints that could pressure execution or margin expansion. This is a market‑context item rather than immediate revenue news. Fortinet report reveals cybersecurity hiring stalls
• Neutral Sentiment: Peer Varonis (VRNS) reported a strong quarter, beating estimates; that outperformance may influence investor comparisons within cybersecurity but doesn't directly change Fortinet’s fundamentals. Varonis Systems Q1 earnings and revenues surpass estimates
• Negative Sentiment: Recent analyst commentary and target‑price coverage remain cautious overall—reports note Fortinet has underperformed the broader market and some analysts are tempering expectations, which can cap near‑term upside. What Are Wall Street Analysts' Target Price for Fortinet Stock?

Fortinet Price Performance

Shares of FTNT stock opened at $86.11 on Thursday. The stock has a market cap of $63.71 billion, a price-to-earnings ratio of 35.44, a PEG ratio of 2.94 and a beta of 1.00. The business's fifty day moving average is $81.78 and its 200 day moving average is $81.73. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $109.33. The company has a quick ratio of 1.09, a current ratio of 1.17 and a debt-to-equity ratio of 0.40.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.07. Fortinet had a return on equity of 124.21% and a net margin of 27.26%.The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. The firm's revenue for the quarter was up 14.8% on a year-over-year basis. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Research analysts expect that Fortinet, Inc. will post 2.63 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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