Fortinet, Inc. (NASDAQ:FTNT) Holdings Reduced by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 633,314 shares of the software maker’s stock after selling 14,621 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Fortinet worth $59,836,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Eastern Bank bought a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC bought a new position in shares of Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC boosted its holdings in shares of Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock valued at $32,000 after acquiring an additional 173 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $46,000. Finally, R Squared Ltd acquired a new stake in Fortinet during the fourth quarter valued at approximately $65,000. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. The trade was a 79.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

FTNT opened at $111.64 on Friday. The company has a market cap of $85.57 billion, a PE ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. The stock has a 50-day moving average of $98.60 and a 200-day moving average of $86.37. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $112.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 463.85% and a net margin of 29.30%. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays increased their target price on shares of Fortinet from $85.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. Hsbc Global Res raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Robert W. Baird reissued a “neutral” rating and set a $112.00 target price (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Finally, Citigroup increased their target price on shares of Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Company 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.