Commerzbank Aktiengesellschaft FI Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,951 shares of the software maker’s stock, valued at approximately $376,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp increased its holdings in Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its holdings in Fortinet by 2.4% during the 3rd quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock valued at $1,151,097,000 after purchasing an additional 354,692 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Fortinet by 10.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker’s stock valued at $448,854,000 after purchasing an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fortinet by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock valued at $375,523,000 after buying an additional 156,766 shares during the period. Finally, FMR LLC increased its stake in shares of Fortinet by 276.3% in the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after buying an additional 2,705,767 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 0.3 %

Shares of NASDAQ:FTNT opened at $106.80 on Thursday. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The stock has a market cap of $82.13 billion, a PE ratio of 47.26, a P/E/G ratio of 4.19 and a beta of 0.97. The business has a 50 day moving average of $101.69 and a 200-day moving average of $90.45. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping 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, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FTNT shares. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. Raymond James reissued a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Barclays raised their price target on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, November 8th. BMO Capital Markets raised their price target on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird restated a “neutral” rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $103.72.

Insider Transactions at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was acquired at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now owns 150,245 shares in the company, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 87,120 shares of company stock worth $8,991,409 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.