Groesbeck Investment Management Corp NJ Has $1.08 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Groesbeck Investment Management Corp NJ cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,884 shares of the software maker’s stock after selling 130 shares during the period. Fortinet comprises approximately 1.5% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 21st biggest position. Groesbeck Investment Management Corp NJ’s holdings in Fortinet were worth $1,077,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Sarasin & Partners LLP increased its holdings in shares of Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares in the last quarter. PDS Planning Inc bought a new stake in shares of Fortinet in the first quarter worth $200,000. Cetera Investment Advisers grew its stake in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Sei Investments Co. grew its stake in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Fortinet in the first quarter worth $3,189,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 in the last quarter. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. Cantor Fitzgerald boosted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Finally, Scotiabank upped their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $73.25.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.28 on Friday, hitting $80.34. 3,112,008 shares of the company traded hands, compared to its average volume of 5,477,875. The company has a market cap of $61.37 billion, a P/E ratio of 52.51, a P/E/G ratio of 2.84 and a beta of 1.00. The firm’s 50-day simple moving average is $77.64 and its 200 day simple moving average is $67.06. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 EPS. Analysts expect that Fortinet, Inc. will post 1.74 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.