Peapack Gladstone Financial Corp Buys 13,039 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Peapack Gladstone Financial Corp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet during the 4th quarter worth about $27,000. Oarsman Capital Inc. boosted its holdings in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $46,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in shares of Fortinet in the 4th quarter valued at $56,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock traded up $0.61 during midday trading on Friday, reaching $96.93. The company's stock had a trading volume of 1,998,644 shares, compared to its average volume of 5,052,488. The stock has a market cap of $74.53 billion, a PE ratio of 42.95, a price-to-earnings-growth ratio of 4.19 and a beta of 1.09. 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, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The business has a 50-day moving average price of $101.82 and a 200-day moving average price of $94.46.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping 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, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Fortinet from $85.00 to $105.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Citigroup lifted their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Rosenblatt Securities increased their price objective on Fortinet from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Piper Sandler reiterated an "overweight" rating and set a $135.00 price target (up from $120.00) on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $105.77.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the business's stock in a transaction 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 transaction, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction dated 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 approximately $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 599,988 shares of company stock worth $59,094,530. Corporate insiders own 18.00% of the company's stock.

Fortinet Company 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.