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

Bank of New York Mellon Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the 1st quarter, HoldingsChannel reports. 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’s holdings in Fortinet were worth $1,089,580,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Wexford Capital LP purchased a new position in shares of Fortinet in the third quarter valued at about $25,000. Physician Wealth Advisors Inc. boosted its holdings in shares of Fortinet by 408.3% during the first quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker’s stock worth $25,000 after purchasing an additional 245 shares during the period. Palisade Asset Management LLC purchased a new stake in shares of Fortinet during the third quarter worth about $28,000. Elyxium Wealth LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $27,000. Finally, Maseco LLP bought a new stake in shares of Fortinet in the first quarter worth about $29,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. BMO Capital Markets upped their price target on Fortinet from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Arete Research set a $104.00 price objective on Fortinet and gave the stock a “buy” rating in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $100.00 target price on shares of Fortinet in a research note on Thursday, May 7th. HSBC lowered Fortinet from a “hold” rating to a “reduce” rating and set a $102.00 price target for the company. in a research note on Monday, June 29th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $107.00 price target (up from $90.00) on shares of Fortinet in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twenty-four have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $112.26.

Fortinet Stock Down 1.4%

FTNT stock opened at $164.51 on Thursday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $170.35. The company has a market capitalization of $120.53 billion, a price-to-earnings ratio of 63.52, a price-to-earnings-growth ratio of 4.54 and a beta of 1.09. The business’s 50 day moving average price is $142.29 and its two-hundred day moving average price is $102.83. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15.

Fortinet (NASDAQ:FTNT) last released 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. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business posted $0.58 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, analysts forecast that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO John Whittle sold 146,015 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at $12,163,508.84. This represents a 60.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the transaction, the vice president owned 9,923,610 shares of the company’s stock, valued at approximately $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is owned by corporate insiders.

Key Stories Impacting Fortinet

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 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.