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

UMB Bank n.a. raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 838.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,059 shares of the software maker’s stock after buying an additional 40,258 shares during the quarter. UMB Bank n.a.’s holdings in Fortinet were worth $4,257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Sarasin & Partners LLP grew its holdings in shares of Fortinet by 1.1% during the fourth quarter. Sarasin & Partners LLP now owns 1,951,234 shares of the software maker’s stock worth $184,353,000 after purchasing an additional 20,337 shares in the last quarter. Terra Nova Asset Management LLC lifted its position in Fortinet by 1.7% during the fourth quarter. Terra Nova Asset Management LLC now owns 11,634 shares of the software maker’s stock valued at $1,099,000 after purchasing an additional 200 shares during the last quarter. Aaron Wealth Advisors LLC bought a new position in shares of Fortinet in the 4th quarter worth $234,000. Jackson Square Capital LLC bought a new position in shares of Fortinet in the 4th quarter worth $313,000. Finally, TruWealth Advisors LLC raised its position in shares of Fortinet by 4.0% during the 4th quarter. TruWealth Advisors LLC now owns 8,919 shares of the software maker’s stock valued at $843,000 after buying an additional 346 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This represents a 47.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FTNT shares. KeyCorp raised Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research note on Thursday, December 19th. Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a report on Friday, December 13th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $111.00 in a research report on Monday, November 11th. Piper Sandler upgraded shares of Fortinet from a “neutral” rating to an “overweight” rating and increased their price target for the company from $100.00 to $120.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $96.17.

Fortinet Stock Up 0.2 %

FTNT stock opened at $94.23 on Tuesday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The company has a market capitalization of $72.22 billion, a price-to-earnings ratio of 47.59, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The business’s 50 day moving average price is $95.62 and its two-hundred day moving average price is $80.85. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

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.