Peapack Gladstone Financial Corp Has $14.16 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Peapack Gladstone Financial Corp lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 182,538 shares of the software maker's stock after acquiring an additional 22,246 shares during the period. Peapack Gladstone Financial Corp's holdings in Fortinet were worth $14,155,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock valued at $1,999,000 after purchasing an additional 141 shares during the period. OneDigital Investment Advisors LLC grew its position in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after purchasing an additional 141 shares in the last quarter. Parallel Advisors LLC increased its stake in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker's stock valued at $452,000 after buying an additional 148 shares during the period. Crewe Advisors LLC lifted its position in Fortinet by 8.8% in the 3rd quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker's stock worth $152,000 after buying an additional 158 shares in the last quarter. Finally, Private Wealth Management Group LLC boosted its stake in shares of Fortinet by 73.3% during the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker's stock valued at $32,000 after buying an additional 173 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTNT. Royal Bank of Canada lifted their price objective on Fortinet from $82.00 to $97.00 and gave the company a "sector perform" rating in a research report on Tuesday, November 19th. Morgan Stanley lifted their price target on Fortinet from $105.00 to $106.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Truist Financial reissued a "buy" rating and issued a $105.00 price target (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Scotiabank raised their price objective on shares of Fortinet from $85.00 to $110.00 and gave the company a "sector outperform" rating in a research report on Wednesday, November 20th. Finally, Bank of America boosted their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $89.27.

Insider Activity at Fortinet

In related news, Director William H. Neukom purchased 355 shares of the firm'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 purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares of the company's stock, valued at $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock valued at $5,746,974 over the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of FTNT stock traded down $0.65 during mid-day trading on Friday, reaching $97.95. The company's stock had a trading volume of 3,165,889 shares, compared to its average volume of 5,418,071. The firm's 50-day moving average is $88.38 and its two-hundred day moving average is $74.05. The company has a market cap of $75.07 billion, a P/E ratio of 49.47, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $100.59. 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.