Citizens Financial Group Inc. RI Purchases 6,193 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Citizens Financial Group Inc. RI increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 38.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,468 shares of the software maker’s stock after purchasing an additional 6,193 shares during the period. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $1,354,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of FTNT. TFO Wealth Partners LLC raised its holdings in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after buying an additional 18,167 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at $10,394,000. Hsbc Holdings PLC lifted its holdings in shares of Fortinet by 30.2% in the 4th quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock worth $98,080,000 after acquiring an additional 389,098 shares during the last quarter. Advanced Portfolio Management LLC purchased a new position in shares of Fortinet during the 4th quarter worth about $1,537,000. Finally, GAMMA Investing LLC grew its holdings in Fortinet by 26.9% during the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after purchasing an additional 2,118 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Morgan Stanley dropped their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Citigroup boosted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, BMO Capital Markets raised their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $71.57.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,672 shares of company stock valued at $4,573,864. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $75.61 on Wednesday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08. The business’s fifty day simple moving average is $67.59 and its 200-day simple moving average is $65.03. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company has a market cap of $57.76 billion, a PE ratio of 49.42, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. Analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

About Fortinet

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.