Fortinet, Inc. $FTNT Shares Purchased by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 213,589 shares of the software maker’s stock after purchasing an additional 18,980 shares during the period. Peapack Gladstone Financial Corp’s holdings in Fortinet were worth $22,580,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Saudi Central Bank bought a new stake in shares of Fortinet during the 1st quarter valued at about $25,000. LSV Asset Management acquired a new position in Fortinet in the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares during the last quarter. Finally, Quaker Wealth Management LLC raised its position in shares of Fortinet by 200.0% during the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after purchasing an additional 726 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FTNT shares. TD Cowen lowered their price objective on Fortinet from $105.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, November 6th. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Jefferies Financial Group dropped their price objective on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, November 6th. JPMorgan Chase & Co. cut their price objective on shares of Fortinet from $87.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Finally, Daiwa America cut shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $90.37.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Fortinet Stock Up 1.1%

FTNT stock opened at $82.47 on Friday. The firm’s 50-day moving average is $83.32 and its two-hundred day moving average is $89.60. The company has a market capitalization of $61.33 billion, a price-to-earnings ratio of 33.94, a price-to-earnings-growth ratio of 3.04 and a beta of 1.10. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, topping the consensus estimate of $0.63 by $0.11. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 earnings per share. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet 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.