Citizens Financial Group Inc. RI Sells 1,271 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Citizens Financial Group Inc. RI trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 93,078 shares of the software maker’s stock after selling 1,271 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $5,448,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Nordea Investment Management AB boosted its position in Fortinet by 156.8% during the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock worth $554,945,000 after acquiring an additional 5,765,174 shares during the last quarter. Morgan Stanley boosted its position in Fortinet by 1.3% during the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares during the last quarter. Invesco Ltd. boosted its position in Fortinet by 5.1% during the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after acquiring an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after buying an additional 1,585,236 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,139 shares of company stock worth $8,977,876. Company insiders own 17.54% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $0.15 during mid-day trading on Friday, reaching $64.18. The company had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The firm has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08. The business’s 50-day simple moving average is $67.96 and its 200 day simple moving average is $61.75.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter last year, the business earned $0.38 earnings per share. Fortinet’s revenue was up 10.3% on a year-over-year basis. On average, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTNT shares. Citigroup downgraded Fortinet from a “buy” rating to a “neutral” rating and increased their price objective for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Royal Bank of Canada increased their price objective on Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a report on Tuesday, February 13th. Wedbush increased their price objective on Fortinet from $75.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Finally, Morgan Stanley increased their price objective on Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $72.19.

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.