Bank of New York Mellon Corp Increases Stake in Fortinet, Inc. $FTNT

Bank of New York Mellon Corp increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,504,597 shares of the software maker’s stock after purchasing an additional 893,190 shares during the period. Bank of New York Mellon Corp’s holdings in Fortinet were worth $1,151,810,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Optimist Retirement Group LLC increased its stake in shares of Fortinet by 2.5% during the fourth quarter. Optimist Retirement Group LLC now owns 5,010 shares of the software maker’s stock valued at $398,000 after buying an additional 122 shares during the period. PDS Planning Inc increased its stake in shares of Fortinet by 3.1% during the fourth quarter. PDS Planning Inc now owns 4,110 shares of the software maker’s stock valued at $326,000 after buying an additional 123 shares during the period. Delta Investment Management LLC increased its stake in shares of Fortinet by 2.4% during the fourth quarter. Delta Investment Management LLC now owns 5,250 shares of the software maker’s stock valued at $417,000 after buying an additional 125 shares during the period. Catalyst Capital Advisors LLC increased its stake in shares of Fortinet by 2.0% during the fourth quarter. Catalyst Capital Advisors LLC now owns 6,459 shares of the software maker’s stock valued at $513,000 after buying an additional 128 shares during the period. Finally, Fiduciary Trust Co increased its stake in shares of Fortinet by 1.2% during the third quarter. Fiduciary Trust Co now owns 10,823 shares of the software maker’s stock valued at $910,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Freedom Capital lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Evercore set a $80.00 target price on Fortinet in a research note on Friday, February 6th. Zacks Research upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 14th. BMO Capital Markets lifted their target price on Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a research note on Monday, May 4th. Finally, DZ Bank lowered Fortinet from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research note on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.69.

Insider Activity

In other news, VP Michael Xie sold 2,478 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $88.89, for a total value of $220,269.42. Following the completion of the sale, the vice president directly owned 9,927,517 shares in the company, valued at $882,456,986.13. The trade was a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO John Whittle sold 146,015 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $128.41, for a total value of $18,749,786.15. Following the completion of the sale, the chief operating officer owned 94,724 shares of the company’s stock, valued at $12,163,508.84. This trade represents a 60.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 153,848 shares of company stock worth $19,446,115 over the last three months. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $148.86 on Wednesday. The business’s 50 day moving average price is $98.25 and its 200 day moving average price is $87.10. The firm has a market cap of $109.06 billion, a P/E ratio of 57.48, a P/E/G ratio of 4.05 and a beta of 1.11. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $149.03. The company has a quick ratio of 1.07, a current ratio of 1.15 and a debt-to-equity ratio of 0.50.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. The firm had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.Fortinet’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, sell-side analysts expect that Fortinet, Inc. will post 2.77 earnings per share 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.