Teacher Retirement System of Texas Sells 229,352 Shares of Fortinet, Inc. $FTNT

Posted by Joseph Griffin on Jan 25th, 2026

Teacher Retirement System of Texas lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 59.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,027 shares of the software maker’s stock after selling 229,352 shares during the period. Teacher Retirement System of Texas’ holdings in Fortinet were worth $13,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Balboa Wealth Partners increased its holdings in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares during the last quarter. Hemington Wealth Management grew its position in shares of Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the last quarter. Board of the Pension Protection Fund lifted its position in shares of Fortinet by 4.5% in the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after buying an additional 100 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Fortinet by 0.6% during the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after buying an additional 102 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 5.2%

Shares of FTNT opened at $81.64 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a market cap of $60.71 billion, a P/E ratio of 33.60, a P/E/G ratio of 2.85 and a beta of 1.07. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. The company’s fifty day simple moving average is $80.14 and its 200-day simple moving average is $84.32.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm posted $0.63 EPS. The firm’s revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. As a group, analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on FTNT. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Fortinet in a research note on Wednesday, December 17th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a report on Friday. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 7th. Daiwa Capital Markets lowered shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a research report on Wednesday, November 12th. Finally, Piper Sandler restated a “neutral” rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a report on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $90.04.

View Our Latest Research Report on FTNT

Key Headlines Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

Positive Sentiment: TD Cowen upgraded Fortinet to Buy and set a $100 price target, arguing AI risks are overstated and forecasting stronger billings into 2026 — this is the principal catalyst for today’s rally. Fortinet Is Top S&P 500 Stock After Upgrade. Don’t Worry About ‘AI Eating Software.
Positive Sentiment: TD Cowen’s upgrade was backed by “solid checks” from the field, per reports, giving the call more credibility and suggesting demand/billings data corroborate the upbeat view. Fortinet in focus as TD Cowen upgrades on back of ‘solid checks’
Positive Sentiment: Multiple outlets note a five?star analyst upgrade to Buy (TipRanks/Benzinga coverage), lifting investor attention and trading volume — momentum and analyst conviction are reinforcing the move. Fortinet Stock (FTNT) Surges after Five-Star Analyst Upgrades to Buy Rating
Positive Sentiment: Coverage summaries and quick news pieces (e.g., Benzinga/Yahoo) are amplifying the upgrade narrative, attracting short-term traders and contributing to above-average volume. Tesla removes Autopilot software, Fortinet upgraded to Buy
Neutral Sentiment: Fortinet is appearing among intraday Nasdaq gainers and tech/AI rotation lists — helpful context for momentum but not a fundamental change. Live Nasdaq Composite: Market Mettle Tested in Whipsaw Week
Neutral Sentiment: Industry/ETF commentary highlights Fortinet’s role in cloud and security ETFs — may attract passive inflows over time but is not an immediate catalyst. Fortinet (NASDAQ:FTNT) Nasdaq Composite ETF Cloud Security Reach

Insider Buying and Selling

In related news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the completion of the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by company insiders.

Fortinet Company Profile

(Free Report)

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.