Bank of New York Mellon Corp Buys Shares of 9,327,182 Fortinet, Inc. $FTNT

Key Points

• Bank of New York Mellon acquired 9.33 million Fortinet shares worth approximately $1.43 billion, representing about 1.27% of the cybersecurity company. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet reported stronger-than-expected quarterly results, with EPS of $0.90 versus the $0.75 consensus and revenue of $2.05 billion, up 25.6% year over year.
• Fortinet shares recently traded at $150.79, while analysts maintained a consensus “Hold” rating and a $150.91 price target. Insiders have sold 329,142 shares worth roughly $50.7 million over the past three months, primarily under pre-arranged plans to cover tax obligations.

Bank of New York Mellon Corp acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 9,327,182 shares of the software maker's stock, valued at approximately $1,432,842,000. Bank of New York Mellon Corp owned about 1.27% of Fortinet at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. Expressive Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter valued at $646,000. Leonteq Securities AG bought a new stake in shares of Fortinet during the fourth quarter valued at about $10,422,000. Eurizon Capital SGR S.p.A. acquired a new stake in Fortinet in the fourth quarter worth about $14,638,000. Thrivent Financial for Lutherans lifted its holdings in Fortinet by 156.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 390,492 shares of the software maker's stock worth $31,009,000 after purchasing an additional 238,299 shares during the period. Finally, Westerkirk Capital Inc. grew its position in Fortinet by 41.9% in the 4th quarter. Westerkirk Capital Inc. now owns 52,500 shares of the software maker's stock valued at $4,169,000 after buying an additional 15,500 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 1.3%

Shares of NASDAQ FTNT opened at $150.79 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $172.09. The company has a market cap of $110.64 billion, a price-to-earnings ratio of 53.10, a P/E/G ratio of 2.90 and a beta of 1.07. The business has a fifty day simple moving average of $156.10 and a 200-day simple moving average of $117.36.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. The firm's revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. Sell-side analysts predict that Fortinet, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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, VP Michael Xie sold 3,121 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president directly owned 9,918,360 shares in the company, valued at $1,613,022,886.80. 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. 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. Over the last three months, insiders have sold 329,142 shares of company stock worth $50,731,178. Company insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on FTNT shares. HSBC cut Fortinet from a "hold" rating to a "reduce" rating and set a $102.00 target price on the stock. in a report on Monday, June 29th. UBS Group reiterated a "neutral" rating and set a $180.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Piper Sandler reissued a "neutral" rating and issued a $175.00 price objective (up from $110.00) on shares of Fortinet in a research note on Thursday, July 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $160.00 price objective on shares of Fortinet in a report on Thursday, July 30th. Finally, Zacks Research raised Fortinet from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eighteen have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $150.91.

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.

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