New York State Teachers Retirement System Has $59.84 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

New York State Teachers Retirement System decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.3% in the 4th quarter, HoldingsChannel reports. The fund owned 633,314 shares of the software maker’s stock after selling 14,621 shares during the period. New York State Teachers Retirement System’s holdings in Fortinet were worth $59,836,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in FTNT. SeaCrest Wealth Management LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $329,000. Bleakley Financial Group LLC raised its holdings in Fortinet by 4.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock valued at $672,000 after acquiring an additional 399 shares in the last quarter. Marshall Financial Group LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $205,000. TruWealth Advisors LLC raised its holdings in shares of Fortinet by 6.0% in the 3rd quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker’s stock worth $665,000 after buying an additional 487 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Fortinet by 1.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 240,059 shares of the software maker’s stock worth $18,617,000 after buying an additional 3,517 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom acquired 355 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average price of $98.50 per share, with a total value of $34,967.50. Following the purchase, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total value of $386,027.50. Following the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. The trade was a 47.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTNT. Bank of America increased their target price on Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. UBS Group increased their target price on Fortinet from $70.00 to $83.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Baird R W cut Fortinet from a “strong-buy” rating to a “hold” rating in a report on Monday, February 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Finally, Mizuho increased their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.72.

Fortinet Stock Performance

FTNT stock opened at $111.64 on Friday. The business’s fifty day moving average is $98.60 and its 200-day moving average is $86.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a market cap of $85.57 billion, a P/E ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37.

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