New York State Common Retirement Fund Has $61.47 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

New York State Common Retirement Fund reduced its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the 4th quarter, according to the company in its most recent 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 period. New York State Common Retirement Fund owned about 0.14% of Fortinet worth $61,467,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Wedge Capital Management L L P NC increased its holdings in shares of Fortinet by 10.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock valued at $79,101,000 after acquiring an additional 129,502 shares during the last quarter. RWA Wealth Partners LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $6,484,000. Sage Mountain Advisors LLC increased its holdings in shares of Fortinet by 1.5% during the 4th quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock valued at $3,926,000 after acquiring an additional 975 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Fortinet during the 4th quarter valued at about $1,229,000. Finally, abrdn plc increased its holdings in shares of Fortinet by 66.9% during the 4th quarter. abrdn plc now owns 325,017 shares of the software maker’s stock valued at $19,023,000 after acquiring an additional 130,308 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 over the last three months. Company insiders own 17.54% of the company’s stock.

Fortinet Trading Up 1.7 %

FTNT stock opened at $64.80 on Wednesday. The company has a market cap of $49.44 billion, a P/E ratio of 44.69, a PEG ratio of 2.83 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The business has a fifty day moving average of $68.28 and a 200-day moving average of $61.67.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on FTNT shares. UBS Group increased their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the company from $60.00 to $62.00 in a research note on Tuesday, January 9th. HSBC downgraded Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a research note on Wednesday, February 7th. Jefferies Financial Group decreased their target price on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Finally, Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $72.19.

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.