New York State Teachers Retirement System Has $59.87 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

New York State Teachers Retirement System lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 621,942 shares of the software maker's stock after selling 11,372 shares during the period. New York State Teachers Retirement System owned about 0.08% of Fortinet worth $59,868,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FTNT. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the period. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet during the 4th quarter valued at about $27,000. ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet in the 1st quarter valued at approximately $35,000. Finally, Oarsman Capital Inc. grew its position in shares of Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president owned 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. The trade was a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT traded up $3.08 during midday trading on Thursday, hitting $105.29. The company had a trading volume of 2,861,475 shares, compared to its average volume of 4,850,454. The firm has a 50-day moving average price of $103.07 and a 200-day moving average price of $100.58. The company has a market capitalization of $80.59 billion, a PE ratio of 43.33, a P/E/G ratio of 3.53 and a beta of 1.06. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm earned $0.43 earnings per share. Fortinet's revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Rosenblatt Securities restated a "buy" rating and set a $125.00 price objective on shares of Fortinet in a report on Tuesday, June 17th. DZ Bank raised shares of Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Jefferies Financial Group reduced their price objective on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Finally, Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, twenty-one have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $105.62.

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.