UMB Bank n.a. Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

UMB Bank n.a. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 838.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 45,059 shares of the software maker's stock after acquiring an additional 40,258 shares during the quarter. UMB Bank n.a.'s holdings in Fortinet were worth $4,257,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Eagle Capital Management LLC raised its holdings in Fortinet by 2.2% during the second quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker's stock worth $1,545,000 after purchasing an additional 544 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Fortinet by 190.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,452 shares of the software maker's stock valued at $87,000 after buying an additional 952 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Fortinet by 6.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 165,465 shares of the software maker's stock worth $9,973,000 after acquiring an additional 10,145 shares in the last quarter. Pacer Advisors Inc. lifted its position in Fortinet by 36.0% in the second quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker's stock valued at $10,397,000 after acquiring an additional 45,678 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Fortinet by 30.4% during the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker's stock worth $329,000 after purchasing an additional 1,274 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company's stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,860 shares of company stock valued at $6,469,056. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT traded up $2.97 during trading hours on Tuesday, reaching $97.20. The company's stock had a trading volume of 3,844,726 shares, compared to its average volume of 4,183,168. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The company's 50-day moving average is $95.58 and its two-hundred day moving average is $81.10. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The stock has a market cap of $74.50 billion, a PE ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the business earned $0.35 earnings per share. Analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on FTNT. Truist Financial reissued a "buy" rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research report on Wednesday, November 20th. Cantor Fitzgerald increased their price objective on Fortinet from $88.00 to $95.00 and gave the company a "neutral" rating in a report on Tuesday, November 19th. Rosenblatt Securities lifted their target price on shares of Fortinet from $90.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Friday, November 22nd. Finally, Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $96.33.

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.