Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 9,377 Shares of Fortinet, Inc. $FTNT

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its Fortinet stake by 6.0% in the fourth quarter, selling 9,377 shares and leaving it with 147,030 shares valued at about $11.68 million.
• Several large institutional investors remain heavily invested in Fortinet, and 83.71% of the stock is owned by institutions overall, including major holders like Vanguard and State Street.
• Fortinet recently beat earnings and revenue expectations, reporting $0.82 EPS on $1.85 billion in revenue, while analysts now rate the stock a consensus "Hold" with a target price of $102.69.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 147,030 shares of the software maker's stock after selling 9,377 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Fortinet were worth $11,676,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Fortinet by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock valued at $6,354,874,000 after purchasing an additional 2,894,355 shares during the last quarter. State Street Corp increased its position in shares of Fortinet by 1.6% during the 3rd quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock valued at $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Norges Bank bought a new position in shares of Fortinet during the 4th quarter valued at about $1,152,917,000. Invesco Ltd. increased its position in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock valued at $909,453,000 after purchasing an additional 1,568,337 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Fortinet by 30.9% during the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock valued at $636,962,000 after purchasing an additional 1,790,033 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FTNT. Arete Research set a $104.00 price target on Fortinet and gave the stock a "buy" rating in a research report on Monday, April 27th. Barclays set a $115.00 price target on Fortinet and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Scotiabank raised their price target on Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 7th. Morgan Stanley restated an "underweight" rating and set a $80.00 price target on shares of Fortinet in a research report on Thursday, May 7th. Finally, Susquehanna raised their price target on Fortinet from $90.00 to $115.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $102.69.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 2,478 shares of Fortinet stock in a transaction on Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the completion of the transaction, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares of the company's stock, valued at $12,163,508.84. The trade was a 60.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 153,848 shares of company stock worth $19,446,115. 17.60% of the stock is owned by insiders.

Fortinet Trading Up 6.6%

NASDAQ FTNT opened at $147.14 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $147.49. The firm has a market capitalization of $107.80 billion, a PE ratio of 56.81, a P/E/G ratio of 3.80 and a beta of 1.11. The stock's 50 day moving average is $98.25 and its 200 day moving average is $87.10.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The firm's revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Research analysts forecast that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

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.

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