New York State Common Retirement Fund Sells 75,488 Shares of Fortinet, Inc. (NASDAQ:FTNT)

New York State Common Retirement Fund decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the fourth quarter, HoldingsChannel reports. The fund owned 1,050,176 shares of the software maker’s stock after selling 75,488 shares during the quarter. New York State Common Retirement Fund’s holdings in Fortinet were worth $61,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in FTNT. Wedge Capital Management L L P NC raised its stake in shares of Fortinet by 10.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock valued at $79,101,000 after acquiring an additional 129,502 shares during the last quarter. RWA Wealth Partners LLC bought a new position in Fortinet in the fourth quarter worth about $6,484,000. Sage Mountain Advisors LLC increased its stake in shares of Fortinet by 1.5% during the fourth quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock valued at $3,926,000 after purchasing an additional 975 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new position in shares of Fortinet during the fourth quarter valued at approximately $1,229,000. Finally, abrdn plc increased its stake in shares of Fortinet by 66.9% during the fourth quarter. abrdn plc now owns 325,017 shares of the software maker’s stock valued at $19,023,000 after purchasing an additional 130,308 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at approximately $3,578,767,976.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,139 shares of company stock worth $8,977,876. Insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of analyst reports. Susquehanna reaffirmed a “neutral” rating and set a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $65.00 price target on shares of Fortinet in a report on Wednesday, April 17th. Scotiabank increased their price target on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Citigroup cut shares of Fortinet from a “buy” rating to a “neutral” rating and increased their price target for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $64.80 on Wednesday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a market cap of $49.44 billion, a P/E ratio of 44.69, a P/E/G ratio of 2.83 and a beta of 1.08. The firm’s fifty day moving average is $68.28 and its two-hundred day moving average is $61.67. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. Fortinet’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

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.