Bank of New York Mellon Corp Trims Holdings in Fortinet, Inc. $FTNT

Bank of New York Mellon Corp reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 13,611,407 shares of the software maker’s stock after selling 945,305 shares during the period. Bank of New York Mellon Corp’s holdings in Fortinet were worth $1,144,447,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of FTNT. Norges Bank acquired a new stake in shares of Fortinet during the second quarter worth about $1,640,900,000. Vanguard Group Inc. raised its stake in Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after acquiring an additional 1,024,516 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new stake in Fortinet during the 2nd quarter worth approximately $108,056,000. State Street Corp grew its stake in shares of Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after purchasing an additional 862,468 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after purchasing an additional 828,569 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $81.71 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a 50-day simple moving average of $80.19 and a 200-day simple moving average of $83.91. The company has a market capitalization of $60.76 billion, a PE ratio of 33.63, a P/E/G ratio of 2.89 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares in the company, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total value of $13,710,537.35. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. This represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Fortinet in a research note on Monday, December 29th. UBS Group cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. Morgan Stanley reaffirmed an “underweight” rating and issued a $70.00 target price (up previously from $66.00) on shares of Fortinet in a report on Thursday, December 18th. Truist Financial set a $88.00 price target on shares of Fortinet in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group reduced their price objective on shares of Fortinet from $85.00 to $80.00 and set a “hold” rating for the company in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $90.04.

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.