New York State Common Retirement Fund Has $79.37 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

New York State Common Retirement Fund lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 840,073 shares of the software maker’s stock after buying an additional 200 shares during the quarter. New York State Common Retirement Fund’s holdings in Fortinet were worth $79,370,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTNT. First Hawaiian Bank bought a new position in shares of Fortinet in the fourth quarter worth $670,000. LVM Capital Management Ltd. MI increased its position in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock worth $8,487,000 after purchasing an additional 8,707 shares during the period. Apollon Wealth Management LLC increased its position in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock worth $1,186,000 after purchasing an additional 1,081 shares during the period. Trilogy Capital Inc. increased its position in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock worth $2,220,000 after purchasing an additional 3,544 shares during the period. Finally, Forsta AP Fonden increased its position in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on FTNT shares. Jefferies Financial Group raised their price target on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Robert W. Baird restated a “neutral” rating and issued a $112.00 price target (up previously from $105.00) on shares of Fortinet in a research report on Monday, February 3rd. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a research report on Friday, February 7th. Wedbush lifted their target price on Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Finally, Mizuho lifted their target price on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $103.72.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,610 shares of company stock valued at $6,083,029. 18.00% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of FTNT opened at $114.57 on Thursday. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The business’s 50 day moving average price is $99.56 and its two-hundred day moving average price is $87.75. The firm has a market cap of $87.81 billion, a PE ratio of 50.69, a price-to-earnings-growth ratio of 4.09 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. On average, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.