Commerce Bank Has $2.41 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Commerce Bank reduced its stake in Fortinet, Inc. by 13.4%, selling 3,872 shares and holding a total of 25,068 shares valued at approximately $2.41 million.
• Various institutional investors have also adjusted their stakes, with SJS Investment Consulting increasing its holdings by 703.1% during the same quarter.
• Fortinet reported a quarterly earnings per share (EPS) of $0.58, surpassing analysts' estimates of $0.53, marking a 13.8% year-over-year revenue growth.

Commerce Bank decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,068 shares of the software maker's stock after selling 3,872 shares during the quarter. Commerce Bank's holdings in Fortinet were worth $2,413,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in FTNT. SJS Investment Consulting Inc. increased its holdings in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. ORG Partners LLC grew its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. EQ Wealth Advisors LLC acquired a new stake in Fortinet during the 1st quarter worth $35,000. Wayfinding Financial LLC acquired a new position in shares of Fortinet during the 1st quarter worth about $36,000. Finally, Mechanics Financial Corp acquired a new position in shares of Fortinet during the 1st quarter worth about $36,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on FTNT shares. Wolfe Research initiated coverage on shares of Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. Morgan Stanley dropped their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Robert W. Baird lifted their price target 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. Barclays set a $110.00 price objective on Fortinet and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, BMO Capital Markets dropped their price target on Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $107.00.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom purchased 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Up 0.4%

Shares of FTNT stock traded up $0.37 during trading on Wednesday, hitting $96.58. 8,431,240 shares of the company were exchanged, compared to its average volume of 4,767,261. The business's 50-day simple moving average is $103.00 and its 200 day simple moving average is $101.92. The firm has a market capitalization of $73.92 billion, a price-to-earnings ratio of 39.74, a P/E/G ratio of 3.40 and a beta of 1.07. Fortinet, Inc. has a twelve month low of $65.00 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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 net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the previous year, the business earned $0.43 EPS. The business's revenue was up 13.8% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.