AQR Capital Management LLC Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

AQR Capital Management LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,237,978 shares of the software maker’s stock after acquiring an additional 214,879 shares during the quarter. Fortinet accounts for approximately 0.5% of AQR Capital Management LLC’s portfolio, making the stock its 23rd largest holding. AQR Capital Management LLC owned about 0.55% of Fortinet worth $400,404,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of FTNT. Anchor Investment Management LLC boosted its holdings in shares of Fortinet by 4.2% in the 3rd quarter. Anchor Investment Management LLC now owns 45,966 shares of the software maker’s stock worth $3,565,000 after buying an additional 1,866 shares during the last quarter. Pine Valley Investments Ltd Liability Co bought a new stake in Fortinet in the 3rd quarter valued at about $9,818,000. Wilmington Savings Fund Society FSB purchased a new stake in Fortinet during the third quarter valued at about $280,000. Optimist Retirement Group LLC bought a new position in Fortinet during the third quarter worth about $394,000. Finally, Tidal Investments LLC increased its stake in shares of Fortinet by 311.3% in the third quarter. Tidal Investments LLC now owns 133,226 shares of the software maker’s stock worth $10,332,000 after purchasing an additional 100,832 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, February 7th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $114.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, February 7th. UBS Group set a $123.00 price objective on shares of Fortinet in a report on Tuesday, March 18th. Cantor Fitzgerald cut their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Finally, Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $104.77.

Fortinet Stock Up 0.8 %

Shares of NASDAQ:FTNT opened at $102.64 on Tuesday. The stock has a fifty day simple moving average of $99.09 and a two-hundred day simple moving average of $96.18. The stock has a market capitalization of $78.93 billion, a price-to-earnings ratio of 45.42, a PEG ratio of 4.19 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now owns 4,736 shares of the company’s stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom acquired 328 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 576,944 shares of company stock valued at $56,944,064 over the last 90 days. Company insiders own 18.00% of the company’s stock.

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.