Peapack Gladstone Financial Corp Boosts Position in Fortinet, Inc. (NASDAQ:FTNT)

Peapack Gladstone Financial Corp raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,577 shares of the software maker’s stock after buying an additional 13,039 shares during the period. Peapack Gladstone Financial Corp’s holdings in Fortinet were worth $18,479,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Manchester Capital Management LLC raised its stake in Fortinet by 13.5% during the 4th quarter. Manchester Capital Management LLC now owns 843 shares of the software maker’s stock valued at $80,000 after acquiring an additional 100 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in shares of Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock valued at $646,000 after purchasing an additional 107 shares in the last quarter. Fielder Capital Group LLC raised its stake in shares of Fortinet by 1.6% during the fourth quarter. Fielder Capital Group LLC now owns 6,904 shares of the software maker’s stock valued at $652,000 after purchasing an additional 111 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its position in Fortinet by 1.4% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 8,346 shares of the software maker’s stock valued at $789,000 after buying an additional 114 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Fortinet by 1.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 9,390 shares of the software maker’s stock valued at $902,000 after buying an additional 116 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald upped their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Stephens initiated coverage on Fortinet in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $108.00 price target for the company. Jefferies Financial Group lowered their price target on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus raised their target price on Fortinet from $103.00 to $115.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.77.

Insiders Place Their Bets

In related news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 326,784 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 599,988 shares of company stock valued at $59,094,530 over the last quarter. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 5.3 %

NASDAQ:FTNT opened at $84.71 on Friday. The company has a market capitalization of $65.14 billion, a P/E ratio of 37.48, a P/E/G ratio of 4.19 and a beta of 1.09. The stock’s 50 day moving average price is $102.59 and its 200 day moving average price is $93.87. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. On average, research 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.