Citizens Financial Group Inc. RI Boosts Holdings in Fortinet, Inc. $FTNT

Citizens Financial Group Inc. RI boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 13.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,024 shares of the software maker’s stock after acquiring an additional 1,690 shares during the period. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $1,483,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Saudi Central Bank purchased a new position in Fortinet in the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. grew its stake in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after acquiring an additional 104 shares during the period. Finally, Quaker Wealth Management LLC increased its holdings in Fortinet by 200.0% in the 2nd quarter. Quaker Wealth Management LLC now owns 363 shares of the software maker’s stock worth $38,000 after acquiring an additional 726 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FTNT shares. Piper Sandler dropped their price objective on shares of Fortinet from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, November 6th. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Mizuho lowered their target price on shares of Fortinet from $75.00 to $72.00 and set an “underperform” rating on the stock in a report on Thursday, November 6th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $91.62.

Fortinet Trading Down 0.4%

Shares of FTNT stock opened at $81.94 on Tuesday. The company has a market capitalization of $60.93 billion, a PE ratio of 32.65, a price-to-earnings-growth ratio of 3.17 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The business’s fifty day moving average is $83.66 and its 200 day moving average is $92.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, November 5th. The software maker reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.11. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the company earned $0.63 EPS. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS. Q4 2025 guidance at 0.730-0.750 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.53, for a total value of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at $907,874,317.54. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,485 shares of Fortinet stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $4,445,911,452.29. The trade was a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 17.20% of the stock is currently owned by corporate insiders.

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.