New York State Teachers Retirement System Reduces Stock Holdings in Fortinet, Inc. $FTNT

New York State Teachers Retirement System trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 607,423 shares of the software maker’s stock after selling 14,234 shares during the period. New York State Teachers Retirement System owned 0.08% of Fortinet worth $51,072,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Fortinet by 6.8% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after buying an additional 82,937 shares in the last quarter. Warther Private Wealth LLC grew its position in Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after acquiring an additional 51,750 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Fortinet by 4.7% during the third quarter. Asset Management One Co. Ltd. now owns 402,278 shares of the software maker’s stock worth $33,824,000 after acquiring an additional 17,892 shares in the last quarter. Cooper Financial Group purchased a new position in shares of Fortinet during the second quarter worth approximately $2,653,000. Finally, Czech National Bank lifted its holdings in shares of Fortinet by 6.5% in the 3rd quarter. Czech National Bank now owns 165,423 shares of the software maker’s stock worth $13,909,000 after acquiring an additional 10,135 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the transaction, the vice president owned 10,492,018 shares in the company, valued at $907,874,317.54. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 1.5%

Shares of NASDAQ:FTNT opened at $79.22 on Monday. The stock’s 50-day moving average is $81.37 and its 200 day moving average is $86.12. The company has a market cap of $58.91 billion, a PE ratio of 32.60, a P/E/G ratio of 2.77 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the company earned $0.63 EPS. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. Citigroup lowered shares of Fortinet from a “neutral” rating to a “mixed” rating in a report on Monday, October 20th. Robert W. Baird reduced their price objective on Fortinet from $90.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Daiwa America downgraded Fortinet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. JPMorgan Chase & Co. restated an “underweight” rating and set a $75.00 target price (down from $85.00) on shares of Fortinet in a report on Wednesday, December 17th. Finally, UBS Group reduced their price target on Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.30.

Fortinet 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.