New York State Common Retirement Fund Has $65.87 Million Stake in Fortinet, Inc. $FTNT

New York State Common Retirement Fund cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 783,457 shares of the software maker’s stock after selling 46,400 shares during the quarter. New York State Common Retirement Fund owned 0.10% of Fortinet worth $65,873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of FTNT. Balboa Wealth Partners lifted its stake in Fortinet by 4.3% during 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 in the last quarter. Hemington Wealth Management raised its holdings in shares of Fortinet by 13.2% in 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 during the last quarter. Trust Co. of Vermont lifted its position in shares of Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares in the last quarter. Board of the Pension Protection Fund boosted its holdings in Fortinet by 4.5% during the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after purchasing an additional 100 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its position in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

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

Key Stories Impacting Fortinet

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 Down 0.7%

Fortinet stock opened at $81.51 on Friday. The firm has a 50 day simple moving average of $80.31 and a 200 day simple moving average of $83.88. The company has a current ratio of 1.03, a quick ratio of 0.94 and a debt-to-equity ratio of 0.68. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a market capitalization of $60.61 billion, a price-to-earnings ratio of 33.54, a P/E/G ratio of 2.86 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The firm’s quarterly 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. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on FTNT. Morgan Stanley reissued an “underweight” rating and set a $70.00 target price (up previously from $66.00) on shares of Fortinet in a research report on Thursday, December 18th. Piper Sandler reiterated a “neutral” rating and set a $90.00 price target (up from $85.00) on shares of Fortinet in a report on Monday, January 5th. Rosenblatt Securities upgraded Fortinet from a “neutral” rating to a “buy” rating and upped their price objective for the company from $85.00 to $100.00 in a research note on Thursday. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Friday, January 23rd. Finally, Oppenheimer restated a “market perform” rating on shares of Fortinet in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twenty-three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $90.59.

About Fortinet

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.