Comerica Bank Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Comerica Bank lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,818 shares of the software maker’s stock after selling 25,717 shares during the period. Comerica Bank’s holdings in Fortinet were worth $14,264,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Winthrop Capital Management LLC acquired a new position in Fortinet in the first quarter valued at $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC acquired a new position in Fortinet in the fourth quarter valued at $25,000. Creekmur Asset Management LLC acquired a new position in Fortinet in the fourth quarter valued at $32,000. Finally, American National Bank boosted its holdings in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Susquehanna reduced their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a report on Monday, May 6th. Rosenblatt Securities restated a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Wells Fargo & Company reduced their price objective on Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Citigroup reduced their price objective on Fortinet from $68.00 to $65.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, HSBC reduced their price objective on Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $70.00.

Fortinet Stock Down 2.4 %

Shares of NASDAQ:FTNT traded down $1.41 during trading on Thursday, hitting $56.63. 1,688,223 shares of the company traded hands, compared to its average volume of 5,709,708. The stock has a market capitalization of $43.26 billion, a price-to-earnings ratio of 37.93, a PEG ratio of 2.81 and a beta of 0.98. The business’s fifty day moving average is $59.33 and its 200-day moving average is $63.75. Fortinet, Inc. has a one year low of $44.12 and a one year high of $77.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. On average, analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current year.

Insider Activity

In other news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,203 shares of company stock valued at $4,015,048. 18.00% of the stock is currently owned by insiders.

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.