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

New York State Teachers Retirement System lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 667,064 shares of the software maker's stock after selling 26,272 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Fortinet worth $40,204,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vima LLC purchased a new position in shares of Fortinet during the fourth quarter worth $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC grew its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock valued at $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet during the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business's stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 24,235 shares of the business's stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company's stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold a total of 115,608 shares of company stock worth $7,132,649 over the last 90 days. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 0.3 %

Shares of NASDAQ:FTNT traded up $0.24 during mid-day trading on Friday, reaching $74.73. The company had a trading volume of 3,182,164 shares, compared to its average volume of 5,865,768. The firm has a market cap of $57.09 billion, a price-to-earnings ratio of 48.97, a PEG ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $76.31. The company's 50-day moving average price is $62.10 and its 200-day moving average price is $64.23.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.31 earnings per share. On average, research analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTNT. Piper Sandler upgraded Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 7th. Evercore ISI lowered their target price on Fortinet from $72.00 to $67.00 and set an "in-line" rating for the company in a research note on Friday, May 3rd. Morgan Stanley cut their price target on Fortinet from $73.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday, July 17th. Barclays reduced their price objective on Fortinet from $75.00 to $70.00 and set an "equal weight" rating for the company in a research note on Thursday, July 11th. Finally, Rosenblatt Securities dropped their target price on shares of Fortinet from $85.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, August 5th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $71.31.

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.