Citizens Financial Group Inc. RI Trims Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Citizens Financial Group Inc. RI trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 45.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,227 shares of the software maker’s stock after selling 10,318 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $1,155,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Fortinet in the third quarter worth approximately $26,000. Golden State Wealth Management LLC purchased a new position in Fortinet during the 4th quarter worth $46,000. Private Trust Co. NA increased its holdings in Fortinet by 95.0% during the 4th quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after purchasing an additional 307 shares during the period. R Squared Ltd purchased a new position in Fortinet during the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC increased its holdings in Fortinet by 30.6% during the 4th quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock worth $66,000 after purchasing an additional 163 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 19th. Susquehanna raised their price objective on Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Rosenblatt Securities raised their price objective on Fortinet from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Truist Financial restated a “buy” rating and set a $105.00 price objective (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Finally, Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of Fortinet stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 206,000 shares of Fortinet stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $96.93, for a total value of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares of the company’s stock, valued at $4,981,414,831.47. The trade was a 0.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 622,904 shares of company stock worth $61,338,694. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $97.93 on Thursday. The stock has a 50-day moving average of $102.22 and a two-hundred day moving average of $91.41. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market cap of $75.31 billion, a P/E ratio of 43.33, a P/E/G ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.