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

Groesbeck Investment Management Corp NJ reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,884 shares of the software maker’s stock after selling 130 shares during the period. Fortinet makes up 1.5% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 21st largest holding. Groesbeck Investment Management Corp NJ’s holdings in Fortinet were worth $1,077,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Sarasin & Partners LLP lifted its holdings in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $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 1st quarter valued at about $200,000. Cetera Investment Advisers grew its position in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the last quarter. Sei Investments Co. grew its position in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of Fortinet in the 1st quarter worth approximately $3,189,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research reports. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays upped their target price on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.25.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.28 on Friday, hitting $80.34. The company’s stock had a trading volume of 3,112,008 shares, compared to its average volume of 5,477,875. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a fifty day moving average price of $77.64 and a 200-day moving average price of $67.06. The company has a market capitalization of $61.37 billion, a P/E ratio of 52.51, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm earned $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock valued at $6,790,149 in the last 90 days. 18.00% of the stock is currently owned by insiders.

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.