Groesbeck Investment Management Corp NJ Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

Groesbeck Investment Management Corp NJ raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 14,649 shares of the software maker’s stock after purchasing an additional 765 shares during the period. Fortinet accounts for about 1.8% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 17th largest position. Groesbeck Investment Management Corp NJ’s holdings in Fortinet were worth $1,384,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FTNT. Eastern Bank purchased a new stake in shares of Fortinet in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the 3rd quarter worth approximately $26,000. Private Wealth Management Group LLC lifted its position in shares of Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank lifted its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the period. Finally, Paladin Wealth LLC purchased a new stake in shares of Fortinet in the 3rd quarter worth approximately $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.9 %

FTNT stock opened at $102.78 on Wednesday. The firm has a market cap of $78.78 billion, a PE ratio of 51.91, a P/E/G ratio of 2.65 and a beta of 1.01. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The firm’s fifty day moving average is $96.70 and its 200 day moving average is $83.92. Fortinet, Inc. has a one year low of $54.57 and a one year high of $102.87.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the business earned $0.35 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTNT. TD Cowen upped their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. 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 report on Tuesday. Royal Bank of Canada increased their target price on shares of Fortinet from $82.00 to $97.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. BMO Capital Markets increased their target price on shares of Fortinet from $88.00 to $100.00 and gave the company a “market perform” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company increased their target price on shares of Fortinet from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $97.73.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at approximately $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 67,860 shares of company stock valued at $6,469,056 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

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.