New York State Teachers Retirement System Lowers Holdings in Fortinet, Inc. $FTNT

Key Points

• New York State Teachers Retirement System cut its Fortinet stake by 10.3% in the first quarter, selling 61,401 shares and leaving it with 533,420 shares valued at about $43.6 million.
• Fortinet reported better-than-expected Q1 earnings and revenue, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion, up 20.1% year over year. The company also issued Q2 and full-year guidance.
• Despite strong operating results, insider selling and cautious analyst sentiment remain in focus: CEO Ken Xie and COO John Whittle sold shares recently, while analysts currently have a consensus Hold rating on the stock.

New York State Teachers Retirement System trimmed its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 533,420 shares of the software maker's stock after selling 61,401 shares during the period. New York State Teachers Retirement System owned 0.07% of Fortinet worth $43,591,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Ameriflex Group Inc. bought a new position in shares of Fortinet in the third quarter worth $25,000. Physician Wealth Advisors Inc. boosted its stake in Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after buying an additional 245 shares during the period. Wexford Capital LP bought a new stake in Fortinet during the third quarter valued at $25,000. Elyxium Wealth LLC purchased a new position in Fortinet during the fourth quarter worth about $27,000. Finally, Palisade Asset Management LLC purchased a new position in Fortinet during the third quarter worth about $28,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT opened at $156.25 on Friday. The stock has a market cap of $114.48 billion, a PE ratio of 60.33, a P/E/G ratio of 4.28 and a beta of 1.09. 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 52 week low of $70.12 and a 52 week high of $159.80. The business's fifty day simple moving average is $130.25 and its 200 day simple moving average is $98.18.

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 analysts' consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the business posted $0.58 earnings per share. The company's revenue for the quarter was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, research analysts expect that Fortinet, Inc. will post 2.78 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 160,632 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer owned 52,972,372 shares of the company's stock, valued at $7,711,717,915.76. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the transaction, the chief operating officer owned 94,724 shares in the company, valued at $12,163,508.84. The trade was a 60.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 318,387 shares of company stock valued at $43,403,063. Corporate insiders own 17.60% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on FTNT shares. Royal Bank Of Canada restated a "sector perform" rating and issued a $107.00 target price (up from $90.00) on shares of Fortinet in a research note on Thursday, May 7th. Zacks Research lowered Fortinet from a "strong-buy" rating to a "hold" rating in a report on Friday, June 12th. Stephens set a $115.00 price objective on shares of Fortinet and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Wells Fargo & Company restated an "underweight" rating and issued a $70.00 price objective (up from $64.00) on shares of Fortinet in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Fortinet from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have issued a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $107.58.

About Fortinet

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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