UMB Bank n.a. Cuts Position in Fortinet, Inc. (NASDAQ:FTNT)

UMB Bank n.a. trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,801 shares of the software maker’s stock after selling 1,180 shares during the quarter. UMB Bank n.a.’s holdings in Fortinet were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Perpetual Ltd increased its holdings in Fortinet by 98.7% during the third quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after buying an additional 12,054 shares during the last quarter. Wedmont Private Capital increased its stake in shares of Fortinet by 24.0% during the 3rd quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after purchasing an additional 1,045 shares during the last quarter. CWM LLC raised its holdings in shares of Fortinet by 95.0% in the 3rd quarter. CWM LLC now owns 76,564 shares of the software maker’s stock worth $5,938,000 after purchasing an additional 37,294 shares during the period. Barlow Wealth Partners Inc. lifted its stake in Fortinet by 1.8% in the third quarter. Barlow Wealth Partners Inc. now owns 168,126 shares of the software maker’s stock valued at $13,026,000 after purchasing an additional 3,024 shares during the last quarter. Finally, Tealwood Asset Management Inc. grew its holdings in Fortinet by 1.2% during the third quarter. Tealwood Asset Management Inc. now owns 25,530 shares of the software maker’s stock valued at $1,980,000 after purchasing an additional 302 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.5 %

Shares of FTNT opened at $82.87 on Friday. The stock has a market capitalization of $63.39 billion, a P/E ratio of 49.04, a PEG ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.04. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a fifty day simple moving average of $74.98 and a two-hundred day simple moving average of $66.16.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, research analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Barclays boosted their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. BMO Capital Markets upped their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada lifted their price objective on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $72.64.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock valued at $6,337,801. Company insiders own 18.00% of the company’s stock.

Fortinet 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.