New York State Teachers Retirement System Sells 14,621 Shares of Fortinet, Inc. (NASDAQ:FTNT)

New York State Teachers Retirement System cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Ashton Thomas Securities LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $26,000. Private Wealth Management Group LLC lifted 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 purchasing an additional 173 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $46,000. Finally, R Squared Ltd acquired a new stake in Fortinet in the 4th quarter valued at approximately $65,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Keith Jensen sold 17,650 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 355 shares of the business's stock in a transaction on Friday, December 6th. The shares were purchased at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the transaction, the director now directly owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 63,610 shares of company stock valued at $6,083,029 over the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

FTNT stock traded up $2.62 during trading on Tuesday, reaching $114.26. 6,503,502 shares of the company were exchanged, compared to its average volume of 4,493,379. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company has a market capitalization of $87.57 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a 50-day moving average of $98.89 and a two-hundred day moving average of $87.15.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, beating 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 analysts predict that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Fortinet from $68.00 to $78.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. UBS Group raised their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their price target on shares of Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Raymond James reissued a "market perform" rating on shares of Fortinet in a research report on Tuesday, January 14th. Finally, HSBC upgraded Fortinet from a "hold" rating to a "buy" rating and upped their price objective for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $103.72.

About Fortinet

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.