New York State Teachers Retirement System Reduces Stake in Fortinet, Inc. $FTNT

New York State Teachers Retirement System lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 594,821 shares of the software maker’s stock after selling 12,602 shares during the period. New York State Teachers Retirement System owned 0.08% of Fortinet worth $47,235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Fortinet by 4.0% in the 3rd quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker’s stock valued at $6,354,874,000 after buying an additional 2,894,355 shares during the last quarter. State Street Corp increased its holdings in Fortinet by 1.6% in the third quarter. State Street Corp now owns 29,660,558 shares of the software maker’s stock valued at $2,493,860,000 after buying an additional 477,397 shares in the last quarter. Invesco Ltd. lifted its position in shares of Fortinet by 17.0% during the 3rd quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker’s stock valued at $909,453,000 after acquiring an additional 1,568,337 shares during the period. First Trust Advisors LP lifted its position in shares of Fortinet by 30.9% during the 3rd quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker’s stock valued at $636,962,000 after acquiring an additional 1,790,033 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Fortinet by 2.9% during the 3rd quarter. Nordea Investment Management AB now owns 6,922,031 shares of the software maker’s stock worth $586,781,000 after acquiring an additional 195,896 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FTNT. Evercore set a $80.00 price objective on shares of Fortinet in a research note on Friday, February 6th. Stifel Nicolaus set a $85.00 price target on shares of Fortinet in a report on Wednesday, March 11th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $90.00 target price (up from $85.00) on shares of Fortinet in a research note on Friday, February 6th. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, January 23rd. Finally, Scotiabank cut shares of Fortinet from a “sector outperform” rating to a “sector perform” rating and set a $85.00 target price on the stock. in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-one have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $87.72.

Key Stories Impacting Fortinet

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Market momentum — FTNT outperformed peers on a strong trading day, signaling fresh buyer interest and short-term rotation into the stock. Fortinet Inc. stock outperforms competitors on strong trading day
• Positive Sentiment: Product/market positioning — Fortinet released its 2026 Global Threat Landscape Report highlighting a large surge in AI-enabled cybercrime and a 389% rise in ransomware victims, which supports longer-term demand for Fortinet’s FortiGuard/AI security products and reinforces leadership in threat intelligence. The Fortinet 2026 Global Threat Landscape Report Reveals a Surge in AI-Enabled Cybercrime
• Neutral Sentiment: Earnings watch — preview pieces from Yahoo/Zacks outline Wall Street forecasts and key metric expectations ahead of Fortinet’s Q1 results; investors are focused on billings, product vs. services mix and any guide changes. Upcoming results/guidance will likely be the next major catalyst. Countdown to Fortinet (FTNT) Q1 Earnings: Wall Street Forecasts for Key Metrics (Yahoo) Countdown to Fortinet Q1 Earnings (Zacks)
• Neutral Sentiment: Peer/sector signals — Check Point’s mixed quarter (EPS beat but revenue & billings miss) sent CHKP lower; investor reaction to peers’ execution can shift relative flows into FTNT if Fortinet posts cleaner top-line or billings metrics. Check Point Earnings Beat, But Revenue, Billings Miss (Yahoo)
• Negative Sentiment: Recent price weakness and selling signals — FTNT had a pullback on April 30 and some data sources note heavy insider sales and sizable institutional reductions (e.g., large UBS trimming), which could pressure sentiment if sustained. Fortinet (FTNT) Stock Dips While Market Gains: Key Facts QuiverQuant summary with insider/institutional activity

Fortinet Stock Performance

Fortinet stock opened at $86.29 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.17 and a quick ratio of 1.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $109.33. The company has a market cap of $63.17 billion, a price-to-earnings ratio of 35.51, a price-to-earnings-growth ratio of 2.89 and a beta of 0.92. The stock’s 50-day moving average is $81.83 and its 200-day moving average is $81.74.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, February 5th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.07. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.86 billion. Fortinet had a net margin of 27.26% and a return on equity of 124.21%. The company’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS. Fortinet has set its Q1 2026 guidance at 0.590-0.630 EPS and its FY 2026 guidance at 2.940-3.000 EPS. Equities analysts anticipate that Fortinet, Inc. will post 2.63 earnings per share for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 175,737 shares of Fortinet stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $14,308,506.54. Following the sale, the chief executive officer owned 51,396,385 shares in the company, valued at $4,184,693,666.70. This trade represents a 0.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 343,106 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $81.42, for a total transaction of $27,935,690.52. Following the completion of the transaction, the vice president directly owned 10,210,282 shares of the company’s stock, valued at approximately $831,321,160.44. The trade was a 3.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

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.