Bank of New York Mellon Corp Sells 1,171,514 Shares of Fortinet, Inc. $FTNT

Key Points

• Bank of New York Mellon cut its Fortinet stake by 8.1% in the first quarter, selling 1,171,514 shares and leaving it with 13.3 million shares valued at about $1.09 billion.
• Fortinet’s latest quarterly results beat expectations, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion versus $1.73 billion expected. Revenue rose 20.1% year over year, and the company issued upbeat Q2 and FY2026 guidance.
• Despite strong fundamentals and bullish cybersecurity/AI-related news, Fortinet remains expensive and analysts are mixed: the stock trades near its 52-week high, insiders have sold shares recently, and the consensus rating is Hold with a $112.26 target price.

Bank of New York Mellon Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,333,083 shares of the software maker's stock after selling 1,171,514 shares during the quarter. Bank of New York Mellon Corp owned 1.82% of Fortinet worth $1,089,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Expressive Wealth LLC bought a new stake in Fortinet during the 4th quarter worth approximately $646,000. Trilogy Capital Inc. boosted its holdings in Fortinet by 46.8% in the 4th quarter. Trilogy Capital Inc. now owns 44,152 shares of the software maker's stock valued at $3,506,000 after purchasing an additional 14,076 shares during the period. Leonteq Securities AG purchased a new position in shares of Fortinet during the 4th quarter valued at $10,422,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Fortinet during the 4th quarter valued at $14,638,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of 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. Hedge funds and other 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: Fortinet was upgraded to Zacks Rank #1 (Strong Buy), reflecting improving earnings expectations and boosting investor sentiment around the stock. Article Title
• Positive Sentiment: Fortinet expanded FortiEndpoint with new AI-era security capabilities, which should help the company capitalize on rising demand for tools that protect AI adoption, data, and endpoints. Article Title
• Positive Sentiment: Fortinet named TD SYNNEX as an approved global distributor and delivery partner, potentially widening its reach and improving channel execution. Article Title
• Positive Sentiment: Multiple market notes highlighted Fortinet as a beneficiary of the broader cybersecurity rally, driven by AI infrastructure spending, heightened cyber threats, and stronger demand for enterprise security. Article Title
• Neutral Sentiment: Commentary comparing Palo Alto Networks and Fortinet in AI cybersecurity underscored that FTNT remains a major player in the theme, but also raised valuation questions about how much upside is already priced in. Article Title
• Neutral Sentiment: Several articles framed Fortinet as a long-term winner in cybersecurity and AI, but these pieces were largely thematic rather than pointing to an immediate fundamental change. Article Title
• Negative Sentiment: One valuation-focused piece argued Fortinet may be trading at a premium despite its AI security growth, which could limit upside if investors become more cautious about price versus fundamentals. Article Title

Fortinet Price Performance

FTNT opened at $164.51 on Thursday. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $120.53 billion, a P/E ratio of 63.52, a PEG ratio of 4.54 and a beta of 1.09. The stock has a 50-day moving average price of $142.29 and a 200-day moving average price of $102.83. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $170.35.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The company had revenue of $1.85 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts predict that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 3,907 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the transaction, the vice president owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO John Whittle sold 146,015 shares of Fortinet stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the transaction, the chief operating officer owned 94,724 shares in the company, valued at approximately $12,163,508.84. The trade was a 60.65% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 318,387 shares of company stock valued at $43,403,063. Corporate insiders own 17.60% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Barclays lifted their price objective on Fortinet from $155.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday. Scotiabank upped their target price on Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 7th. Bank of America raised their price target on Fortinet from $130.00 to $180.00 and gave the company a "buy" rating in a report on Monday, June 8th. Stephens set a $115.00 price target on Fortinet and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Finally, Mizuho set a $125.00 price objective on Fortinet and gave the stock an "underperform" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have given a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus target price of $112.26.

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.

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