New York State Common Retirement Fund Sells 46,400 Shares of Fortinet, Inc. $FTNT

New York State Common Retirement Fund decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.6% in the 3rd quarter, Holdings Channel reports. The firm owned 783,457 shares of the software maker’s stock after selling 46,400 shares during the period. New York State Common Retirement Fund’s holdings in Fortinet were worth $65,873,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Balboa Wealth Partners increased its holdings in shares of Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after buying an additional 96 shares during the last quarter. Hemington Wealth Management lifted its holdings in shares of Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after acquiring an additional 99 shares during the last quarter. Trust Co. of Vermont grew its position in 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 acquiring an additional 100 shares in the last quarter. Board of the Pension Protection Fund increased its stake in 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 valued at $243,000 after acquiring an additional 100 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Fortinet news, 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 approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at $907,874,317.54. The trade was a 0.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Fortinet News Roundup

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: TD Cowen upgraded FTNT to Buy and called the valuation reasonable, citing stable channel checks and keeping a $100 target — a bullish catalyst that has supported the stock and helped sector momentum. TD Cowen Calls Fortinet’s Valuation Reasonable
• Positive Sentiment: Rosenblatt upgraded Fortinet from Neutral to Buy and raised its price target to $100, signaling additional analyst support and potential upside if sentiment persists. Rosenblatt Upgrade (Benzinga)
• Positive Sentiment: Market commentary points to Fortinet’s upgrade as a positive sector signal — the TD Cowen lift earlier helped buoy cybersecurity peers, suggesting Fortinet’s bullish coverage can have broader market impact. Did a Fortinet Upgrade Put a Floor on CRWD Stock?
• Neutral Sentiment: Analysts and write-ups are evaluating Fortinet’s Unified Cloud?Risk platform and strategy; the long-term moat may strengthen if product adoption accelerates, but measurable near-term revenue/leverage impacts are unclear. Will Fortinet’s Unified Cloud?Risk Platform Deepen Its Competitive Moat?
• Neutral Sentiment: Reminder: Fortinet is projected to report earnings next week — that timing is the immediate catalyst; guidance and subscription growth details will likely drive any near?term move. Fortinet Projected to Post Earnings
• Neutral Sentiment: Short?interest data reported appears anomalous (shows zero shares), implying no clear short?pressure signal to explain stock movement; treat this item as noise until cleaner data appears.
• Negative Sentiment: Zacks’ preview argues Fortinet lacks the combination of factors that typically produce an earnings beat, which raises the risk of downside if results or guidance disappoint next week. Fortinet Reports Next Week: What You Should Expect (Zacks)

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $81.51 on Friday. 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 has a 50-day moving average price of $80.31 and a 200-day moving average price of $83.88. The company has a market cap of $60.61 billion, a price-to-earnings ratio of 33.54, a price-to-earnings-growth ratio of 2.86 and a beta of 1.07. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 118.27% and a net margin of 28.58%.The company had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the business earned $0.63 EPS. Fortinet’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, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Cantor Fitzgerald reiterated a “neutral” rating and set a $87.00 price objective on shares of Fortinet in a research report on Monday, November 24th. UBS Group reduced their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, November 6th. Barclays lowered their price objective on shares of Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortinet in a report on Monday, December 29th. Finally, Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price on the stock. in a research report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty-three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $90.59.

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.