UMB Bank n.a. Acquires 32,795 Shares of Fortinet, Inc. (NASDAQ:FTNT)

UMB Bank n.a. increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 72.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,854 shares of the software maker’s stock after acquiring an additional 32,795 shares during the quarter. UMB Bank n.a.’s holdings in Fortinet were worth $7,494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after buying an additional 730,994 shares in the last quarter. Geode Capital Management LLC lifted its position in Fortinet by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after acquiring an additional 387,901 shares during the period. Invesco Ltd. boosted its stake in Fortinet by 31.3% during the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after acquiring an additional 2,000,888 shares in the last quarter. Norges Bank purchased a new stake in Fortinet in the fourth quarter worth about $724,048,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT opened at $104.94 on Monday. 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 company has a 50 day moving average price of $100.18 and a 200-day moving average price of $99.88. 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 capitalization of $80.32 billion, a PE ratio of 46.43, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 earnings per share. Fortinet’s revenue was up 13.8% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 335 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director now owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at $1,079,876,675.56. The trade was a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 490,818 shares of company stock valued at $49,472,228. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of analyst reports. Jefferies Financial Group dropped their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Wolfe Research started coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating on the stock. Scotiabank reduced their price target on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 price target on Fortinet and gave the stock a “neutral” rating in a research report on Tuesday, April 22nd. Finally, Robert W. Baird increased their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $104.80.

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.