Aaron Wealth Advisors LLC Lowers Stock Position in Fortinet, Inc. $FTNT

Key Points

• Aaron Wealth Advisors LLC cut its Fortinet stake by 63.6% in the first quarter, selling 9,585 shares and leaving it with 5,474 shares worth about $447,000.
• Despite mixed analyst sentiment, several firms raised price targets on Fortinet, while the stock’s overall consensus remains a “Hold” with a target price of $107.77.
• Fortinet reported strong quarterly results, including $0.82 EPS versus $0.62 expected and 20.1% revenue growth year over year; however, insiders have also been selling shares, including CEO Ken Xie and COO John Whittle.

Aaron Wealth Advisors LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 63.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,474 shares of the software maker's stock after selling 9,585 shares during the quarter. Aaron Wealth Advisors LLC's holdings in Fortinet were worth $447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Norges Bank purchased a new position in shares of Fortinet in the 4th quarter valued at $1,152,917,000. Van ECK Associates Corp raised its holdings in shares of Fortinet by 38.9% during the fourth quarter. Van ECK Associates Corp now owns 7,730,954 shares of the software maker's stock worth $613,915,000 after acquiring an additional 2,166,396 shares in the last quarter. First Trust Advisors LP grew its position in Fortinet by 30.9% in the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock worth $636,962,000 after acquiring an additional 1,790,033 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Fortinet by 76.2% in the 4th quarter. AQR Capital Management LLC now owns 4,109,016 shares of the software maker's stock worth $326,297,000 after purchasing an additional 1,777,115 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after acquiring an additional 1,568,337 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Bank of America boosted their price objective on shares of Fortinet from $130.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $100.00 price target on shares of Fortinet in a research note on Thursday, May 7th. BTIG Research increased their price objective on shares of Fortinet from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Truist Financial set a $120.00 price objective on shares of Fortinet and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Mizuho lifted their target price on shares of Fortinet from $70.00 to $86.00 and gave the company an "underperform" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus target price of $107.77.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at $7,711,717,915.76. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares of the company's stock, valued at approximately $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 318,387 shares of company stock valued at $43,403,063. 17.60% of the stock is owned by corporate insiders.

Fortinet Price Performance

Fortinet stock opened at $151.35 on Monday. The firm has a market capitalization of $110.89 billion, a price-to-earnings ratio of 58.44, a PEG ratio of 4.14 and a beta of 1.11. The company's 50 day simple moving average is $123.02 and its 200 day simple moving average is $95.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $152.77.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating the consensus estimate of $0.62 by $0.20. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business's quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.78 EPS for the current year.

Fortinet Company Profile

Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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