New York State Common Retirement Fund Sells 75,488 Shares of Fortinet, Inc. (NASDAQ:FTNT)

New York State Common Retirement Fund lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,050,176 shares of the software maker's stock after selling 75,488 shares during the quarter. New York State Common Retirement Fund owned approximately 0.14% of Fortinet worth $61,467,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. First Trust Direct Indexing L.P. raised its holdings in Fortinet by 1.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker's stock worth $748,000 after purchasing an additional 197 shares during the last quarter. Catalyst Financial Partners LLC raised its holdings in Fortinet by 5.1% during the 3rd quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker's stock worth $254,000 after purchasing an additional 209 shares during the last quarter. Realta Investment Advisors raised its holdings in Fortinet by 6.8% during the 4th quarter. Realta Investment Advisors now owns 3,420 shares of the software maker's stock worth $200,000 after purchasing an additional 217 shares during the last quarter. First Foundation Advisors raised its holdings in Fortinet by 0.6% during the 3rd quarter. First Foundation Advisors now owns 40,092 shares of the software maker's stock worth $2,353,000 after purchasing an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC raised its holdings in Fortinet by 7.0% during the 3rd quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker's stock worth $201,000 after purchasing an additional 224 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FTNT shares. Wells Fargo & Company raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 7th. The Goldman Sachs Group raised their price objective on shares of Fortinet from $60.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, February 8th. BMO Capital Markets raised their price objective on shares of Fortinet from $70.00 to $82.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 7th. Scotiabank raised their price objective on shares of Fortinet from $70.00 to $90.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, February 7th. Finally, Sanford C. Bernstein began coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a "market perform" rating and a $65.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $72.19.

Fortinet Stock Performance

Fortinet stock traded up $0.65 during midday trading on Wednesday, reaching $65.45. The stock had a trading volume of 3,814,892 shares, compared to its average volume of 5,824,959. The firm's 50-day moving average price is $68.17 and its 200 day moving average price is $61.70. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The firm has a market capitalization of $49.94 billion, a PE ratio of 45.14, a P/E/G ratio of 2.83 and a beta of 1.08. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company's revenue was up 10.3% on a year-over-year basis. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 46,084 shares of the business's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 46,084 shares of the business's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. 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 38,369 shares of the business's stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares of the company's stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold a total of 132,139 shares of company stock worth $8,977,876 over the last ninety days. Company insiders own 17.54% of the company's stock.

Fortinet Company Profile

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.