Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,577 shares of the software maker’s stock after purchasing an additional 13,039 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Fortinet were worth $18,479,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FTNT. Integrated Wealth Concepts LLC boosted its stake in shares of Fortinet by 10.0% during the third quarter. Integrated Wealth Concepts LLC now owns 12,005 shares of the software maker’s stock worth $931,000 after buying an additional 1,088 shares during the period. IHT Wealth Management LLC raised its stake in Fortinet by 4.9% during the 3rd quarter. IHT Wealth Management LLC now owns 5,205 shares of the software maker’s stock valued at $402,000 after acquiring an additional 243 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in Fortinet by 1.5% during the 3rd quarter. Royal London Asset Management Ltd. now owns 382,668 shares of the software maker’s stock worth $29,676,000 after acquiring an additional 5,623 shares during the period. Quantinno Capital Management LP grew its stake in shares of Fortinet by 73.3% in the 3rd quarter. Quantinno Capital Management LP now owns 47,992 shares of the software maker’s stock valued at $3,722,000 after purchasing an additional 20,292 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its holdings in shares of Fortinet by 108.6% in the third quarter. Kovitz Investment Group Partners LLC now owns 31,783 shares of the software maker’s stock valued at $2,465,000 after purchasing an additional 16,550 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $84.71 on Friday. The company has a 50-day simple moving average of $102.59 and a 200-day simple moving average of $93.87. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a market cap of $65.14 billion, a PE ratio of 37.48, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FTNT. The Goldman Sachs Group increased their price target on Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. UBS Group set a $123.00 target price on shares of Fortinet in a research note on Tuesday, March 18th. Baird R W lowered shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Rosenblatt Securities increased their price target on shares of Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Citigroup lifted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $105.77.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at $537,820.16. This represents a 83.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by company insiders.

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.