New York State Teachers Retirement System Sells 14,234 Shares of Fortinet, Inc. $FTNT

New York State Teachers Retirement System trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% during the 3rd quarter, Holdings Channel.com reports. 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’s holdings in Fortinet were worth $51,072,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. LSV Asset Management purchased a new stake in shares of Fortinet in the 2nd quarter worth about $25,000. Financial Consulate Inc. purchased a new position in Fortinet during the 3rd quarter valued at about $25,000. Steigerwald Gordon & Koch Inc. bought a new stake in Fortinet during the third quarter worth about $25,000. SJS Investment Consulting Inc. grew its holdings in Fortinet by 1,556.5% in the third quarter. SJS Investment Consulting Inc. now owns 381 shares of the software maker’s stock worth $32,000 after purchasing an additional 358 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.5%

FTNT stock opened at $79.22 on Monday. The stock has a market capitalization of $58.91 billion, a P/E 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. The business has a fifty day moving average price of $81.37 and a 200-day moving average price of $86.12.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period last year, the firm posted $0.63 earnings per share. Fortinet’s 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. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,485 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TD Cowen dropped their price target on Fortinet from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, November 6th. Citigroup cut Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Mizuho cut their target price on Fortinet from $75.00 to $72.00 and set an “underperform” 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. Finally, Barclays dropped their price target on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twenty-seven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $90.30.

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.