Teacher Retirement System of Texas Decreases Stock Position in Fortinet, Inc. $FTNT

Teacher Retirement System of Texas trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 59.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. LSV Asset Management purchased a new stake in shares of Fortinet during the second quarter valued at $25,000. Financial Consulate Inc. bought a new position in Fortinet during the 3rd quarter valued at about $25,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Fortinet during the 3rd quarter valued at about $25,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the last quarter. Finally, Quaker Wealth Management LLC grew its stake in shares of Fortinet by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after acquiring an additional 726 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet News Roundup

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTNT. Hsbc Global Res downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 7th. Daiwa Capital Markets cut Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target on the stock. in a report on Wednesday, November 12th. Morgan Stanley restated an “underweight” rating and issued a $70.00 price target (up from $66.00) on shares of Fortinet in a research note on Thursday, December 18th. Robert W. Baird reduced their price objective on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Finally, Piper Sandler reissued a “neutral” rating and issued a $90.00 target price (up previously from $85.00) on shares of Fortinet in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $90.04.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. This trade represents a 0.03% decrease in their position. The transaction 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 stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This trade represents a 0.31% 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.

Fortinet Trading Up 5.2%

NASDAQ:FTNT opened at $81.64 on Friday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The business has a fifty day moving average price of $80.14 and a 200-day moving average price of $84.32. The firm has a market capitalization of $60.71 billion, a price-to-earnings ratio of 33.60, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.03 and a quick ratio of 0.94.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share (EPS) 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 business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company posted $0.63 earnings per share. Fortinet’s revenue for the quarter was up 14.4% on a year-over-year basis. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet 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.