Aaron Wealth Advisors LLC Purchases Shares of 2,476 Fortinet, Inc. (NASDAQ:FTNT)

Aaron Wealth Advisors LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 2,476 shares of the software maker’s stock, valued at approximately $234,000.

Several other hedge funds have also recently made changes to their positions in FTNT. Marshall Wace LLP boosted its holdings in Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. FMR LLC boosted its stake in shares of Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after purchasing an additional 2,705,767 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Fortinet by 89.7% during the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock valued at $161,261,000 after buying an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC raised its stake in Fortinet by 3,155.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after buying an additional 1,199,241 shares in the last quarter. Finally, State Street Corp lifted its holdings in Fortinet by 2.9% in the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after buying an additional 766,135 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director William H. Neukom acquired 355 shares of Fortinet stock in a transaction dated Friday, December 6th. The stock was purchased at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, 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 hyperlink. Also, CFO Keith Jensen sold 4,250 shares of Fortinet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This trade represents a 47.54 % decrease in their position. 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. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Hsbc Global Res upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. UBS Group increased their price objective on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. The Goldman Sachs Group increased their price target on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a research note on Thursday, January 2nd. Finally, Truist Financial restated a “buy” rating and issued a $105.00 price objective (up previously from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.33.

Fortinet Price Performance

NASDAQ FTNT opened at $97.20 on Wednesday. The company has a 50-day moving average price of $95.58 and a 200-day moving average price of $81.10. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $74.50 billion, a P/E ratio of 49.09, a PEG ratio of 2.49 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 business had revenue of $1.51 billion during 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 earnings per share. Equities research analysts anticipate that Fortinet, Inc. will post 1.95 earnings per share for the current 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.