Fortinet, Inc. (NASDAQ:FTNT) Position Cut by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.3% during the fourth quarter, according to its most recent disclosure with the SEC. The fund 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 hedge funds also recently added to or reduced their stakes in the stock. Golden State Equity Partners lifted its stake in Fortinet by 9.5% in the fourth quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock valued at $270,000 after buying an additional 400 shares during the last quarter. Kovack Advisors Inc. raised its stake in shares of Fortinet by 14.5% during the fourth quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after purchasing an additional 1,630 shares in the last quarter. Motley Fool Asset Management LLC raised its stake in shares of Fortinet by 2.4% during the fourth quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock valued at $1,357,000 after purchasing an additional 554 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Fortinet by 0.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock valued at $22,519,000 after purchasing an additional 3,036 shares in the last quarter. Finally, Syon Capital LLC raised its stake in shares of Fortinet by 17.5% during the fourth quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock valued at $299,000 after purchasing an additional 758 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on 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 sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on 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 sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Royal Bank of Canada lifted their price objective on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Mizuho lifted their target price on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Finally, Sanford C. Bernstein assumed coverage on Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Stock Up 0.2 %

Shares of FTNT stock traded up $0.15 during trading on Friday, hitting $64.18. 4,138,352 shares of the company were exchanged, 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. The firm has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a P/E/G 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, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 1.39 EPS 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.