UMB Bank n.a. Has $7.49 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

UMB Bank n.a. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 72.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 77,854 shares of the software maker's stock after acquiring an additional 32,795 shares during the period. UMB Bank n.a.'s holdings in Fortinet were worth $7,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Fortinet during the 4th quarter worth about $27,000. Oarsman Capital Inc. increased its holdings in Fortinet by 188.9% during the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the period. Graney & King LLC purchased a new position in shares of Fortinet in the 4th quarter valued at $43,000. Banque Transatlantique SA purchased a new stake in shares of Fortinet during the 4th quarter valued at $43,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at $46,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.11, for a total transaction of $376,266.06. Following the completion of the sale, the vice president now owns 11,000,068 shares of the company's stock, valued at approximately $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the sale, the director now directly owns 18,612 shares in the company, valued at $1,861,200. This trade represents a 9.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,034 shares of company stock worth $17,391,843. 17.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on FTNT shares. Stephens began coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price objective for the company. Morgan Stanley lowered their target price on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. KeyCorp reduced their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Finally, BMO Capital Markets dropped their price objective on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $104.80.

Fortinet Trading Down 0.4%

NASDAQ FTNT traded down $0.45 during trading hours on Tuesday, reaching $101.63. The company had a trading volume of 3,789,146 shares, compared to its average volume of 4,981,278. The stock has a 50-day moving average of $100.26 and a 200 day moving average of $99.94. The stock has a market capitalization of $77.79 billion, a P/E ratio of 44.97, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the previous year, the firm posted $0.43 EPS. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.