Bank of New York Mellon Corp Sells 707,411 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bank of New York Mellon Corp decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,245,987 shares of the software maker's stock after selling 707,411 shares during the period. Bank of New York Mellon Corp owned 1.98% of Fortinet worth $1,467,579,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FTNT. SJS Investment Consulting Inc. raised its holdings in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Fortinet in the fourth quarter valued at $27,000. ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at $35,000. Finally, Wayfinding Financial LLC bought a new stake in shares of Fortinet during the 1st quarter worth $36,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. Roth Capital set a $103.00 price objective on Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. UBS Group dropped their target price on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. BMO Capital Markets cut their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $105.62.

Insiders Place Their Bets

In related news, VP Michael Xie sold 3,546 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president directly owned 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of Fortinet stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Stock Performance

Shares of FTNT traded up $3.06 during mid-day trading on Friday, hitting $105.27. The company's stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,864,683. The stock's 50-day moving average is $103.23 and its two-hundred day moving average is $100.68. The firm has a market capitalization of $80.57 billion, a PE ratio of 43.32, a price-to-earnings-growth ratio of 3.64 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business posted $0.43 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.