Commerzbank Aktiengesellschaft FI Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Commerzbank Aktiengesellschaft FI bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel reports. The institutional investor bought 3,951 shares of the software maker’s stock, valued at approximately $376,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker’s stock worth $1,151,097,000 after buying 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 shares of Fortinet by 10.3% during the third 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 worth $448,854,000 after buying an additional 542,727 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortinet by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,974,625 shares of the software maker’s stock worth $375,523,000 after buying an additional 156,766 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Fortinet by 276.3% during the third quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock worth $285,790,000 after buying an additional 2,705,767 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $106.80 on Thursday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market cap of $82.13 billion, a price-to-earnings ratio of 47.26, a PEG ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The firm’s 50-day simple moving average is $101.69 and its 200 day simple moving average is $90.45.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. BMO Capital Markets upped their price target on shares of Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a report on Tuesday, November 19th. Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Mizuho increased their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Baird R W downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the stock in a transaction dated 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 in the company, valued at approximately $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 87,120 shares of company stock worth $8,991,409. Insiders own 18.00% of the company’s stock.

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.