Commerce Bank Has $2.27 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Commerce Bank cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,245 shares of the software maker’s stock after selling 217 shares during the period. Commerce Bank’s holdings in Fortinet were worth $2,268,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in shares of Fortinet by 3.8% in the 1st quarter. Advisors Asset Management Inc. now owns 17,431 shares of the software maker’s stock valued at $1,191,000 after acquiring an additional 637 shares during the last quarter. Gabelli Funds LLC acquired a new stake in Fortinet in the first quarter worth $205,000. BOKF NA boosted its position in shares of Fortinet by 5.0% during the first quarter. BOKF NA now owns 25,815 shares of the software maker’s stock worth $1,751,000 after purchasing an additional 1,240 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its position in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of Fortinet by 37.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 43,856 shares of the software maker’s stock valued at $2,996,000 after buying an additional 11,879 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Cantor Fitzgerald lifted their target price on Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and lifted their price objective for the company from $83.00 to $111.00 in a report on Monday, November 11th. Royal Bank of Canada increased their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Bank of America lifted their price target on shares of Fortinet from $87.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Finally, Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $88.93.

Fortinet Price Performance

NASDAQ:FTNT opened at $92.77 on Friday. Fortinet, Inc. has a 12-month low of $50.65 and a 12-month high of $100.59. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 46.85, a P/E/G ratio of 2.73 and a beta of 1.00. The stock’s 50 day moving average price is $82.45 and its two-hundred day moving average price is $70.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,095 shares of company stock worth $4,058,575. 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.