Peapack Gladstone Financial Corp Purchases 22,246 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Peapack Gladstone Financial Corp grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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.

Several other hedge funds have also recently made changes to their positions in the business. Tidal Investments LLC lifted its position in shares of Fortinet by 311.3% during the 3rd quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock valued at $10,332,000 after acquiring an additional 100,832 shares during the period. Optimist Retirement Group LLC acquired a new stake in Fortinet in the third quarter worth $394,000. Wilmington Savings Fund Society FSB bought a new stake in Fortinet in the third quarter valued at $280,000. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Fortinet during the third quarter valued at about $9,818,000. Finally, Anchor Investment Management LLC boosted its position in shares of Fortinet by 4.2% during the 3rd quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after purchasing an additional 1,866 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the acquisition, 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 position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 68,745 shares of company stock worth $5,746,974. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. TD Cowen boosted their target price on Fortinet from $90.00 to $105.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Stifel Nicolaus boosted their price objective on Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 19th. HSBC upgraded Fortinet from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $111.00 in a report on Monday, November 11th. Wells Fargo & Company raised their price objective on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their target price on shares of Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $89.27.

Fortinet Stock Down 0.7 %

Shares of NASDAQ FTNT opened at $97.95 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market capitalization of $75.07 billion, a PE ratio of 49.47, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a one year low of $54.57 and a one year high of $100.59. The business’s fifty day moving average price is $88.38 and its 200-day moving average price is $74.05.

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.