Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 82.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 16,275 shares of the software maker’s stock after selling 76,803 shares during the period. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $1,112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Vima LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet in the 1st quarter valued at approximately $25,000. Rise Advisors LLC increased its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, American National Bank lifted its holdings in shares of Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after buying an additional 488 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock traded down $0.69 during midday trading on Friday, reaching $56.51. The stock had a trading volume of 5,911,756 shares, compared to its average volume of 5,730,362. The stock has a market capitalization of $43.17 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 2.83 and a beta of 0.98. The stock’s 50-day simple moving average is $59.25 and its 200 day simple moving average is $63.70. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $76.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The company’s revenue was up 7.2% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on FTNT shares. Susquehanna cut their price objective on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, May 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research note on Tuesday, June 11th. Scotiabank lowered their target price on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 3rd. Robert W. Baird reduced their price target on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, Piper Sandler decreased their price target on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $70.00.

Insider Activity

In other news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 67,203 shares of company stock valued at $4,015,048. Company insiders own 18.00% of the company’s stock.

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.