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

Groesbeck Investment Management Corp NJ boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,649 shares of the software maker’s stock after purchasing an additional 765 shares during the period. Fortinet makes up 1.8% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 17th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Fortinet were worth $1,384,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC raised its stake in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after purchasing an additional 107 shares during the period. Versant Capital Management Inc raised its stake in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the period. Diversified Trust Co raised its stake in Fortinet by 0.6% during the fourth quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after purchasing an additional 135 shares during the period. Eagle Capital Management LLC raised its stake in Fortinet by 0.6% during the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares during the period. Finally, OneDigital Investment Advisors LLC raised its stake in Fortinet by 3.9% during the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.9 %

FTNT stock opened at $102.78 on Wednesday. The company has a market cap of $78.78 billion, a price-to-earnings ratio of 51.91, a price-to-earnings-growth ratio of 2.65 and a beta of 1.01. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $102.87. The company has a fifty day moving average price of $96.70 and a 200 day moving average price of $83.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same period in the prior year, the company earned $0.35 EPS. Sell-side analysts expect that Fortinet, Inc. will post 1.95 earnings per share for the current year.

Insider Activity at Fortinet

In other news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 22,916 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,860 shares of company stock valued at $6,469,056. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Friday, November 22nd. HSBC upgraded shares of Fortinet from a “hold” rating to a “buy” rating and lifted their price target for the company from $83.00 to $111.00 in a research report on Monday, November 11th. Wells Fargo & Company lifted their price target 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. Robert W. Baird reiterated a “neutral” rating and set a $112.00 price target (up from $105.00) on shares of Fortinet in a research report on Monday. Finally, Jefferies Financial Group lifted their price target on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $97.73.

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.