New York State Common Retirement Fund Has $65.13 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

New York State Common Retirement Fund trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 839,873 shares of the software maker’s stock after selling 38,858 shares during the quarter. New York State Common Retirement Fund owned approximately 0.11% of Fortinet worth $65,132,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in FTNT. Eagle Capital Management LLC increased its holdings in Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares in the last quarter. Simplicity Wealth LLC increased its holdings in shares of Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares in the last quarter. Werlinich Asset Management LLC increased its holdings in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its position in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other 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 transaction of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FTNT shares. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Finally, Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.68.

Fortinet Price Performance

NASDAQ:FTNT opened at $78.80 on Friday. The stock has a market cap of $60.27 billion, a PE ratio of 46.63, a P/E/G ratio of 2.78 and a beta of 1.00. 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 business’s 50-day simple moving average is $78.06 and its two-hundred day simple moving average is $67.48. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

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