Bank of New York Mellon Corp Has $1.54 Billion Position in Fortinet, Inc. $FTNT

Bank of New York Mellon Corp cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,556,712 shares of the software maker’s stock after selling 689,275 shares during the quarter. Bank of New York Mellon Corp’s holdings in Fortinet were worth $1,538,936,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FTNT. Saudi Central Bank acquired a new position in shares of Fortinet during the first quarter worth approximately $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Fortinet during the first quarter worth approximately $36,000. Finally, Mechanics Financial Corp acquired a new position in shares of Fortinet during the first quarter worth approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $86.43 on Monday. The business’s fifty day moving average price is $82.56 and its two-hundred day moving average price is $93.47. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market capitalization of $66.23 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FTNT. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Stifel Nicolaus lowered their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $85.00 price objective (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $97.03.

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.