Citizens Financial Group Inc. RI Sells 10,318 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Citizens Financial Group Inc. RI decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 45.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,227 shares of the software maker's stock after selling 10,318 shares during the period. Citizens Financial Group Inc. RI's holdings in Fortinet were worth $1,155,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in shares of Fortinet in the 3rd quarter worth $26,000. Golden State Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth $46,000. Private Trust Co. NA increased its holdings in shares of Fortinet by 95.0% in 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 in the last quarter. R Squared Ltd bought a new stake in shares of Fortinet in the 4th quarter worth $65,000. Finally, Venturi Wealth Management LLC grew its holdings in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker's stock worth $66,000 after acquiring an additional 163 shares during the period. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Stifel Nicolaus upped their price objective on Fortinet from $103.00 to $115.00 and gave the company a "hold" rating in a research report on Friday, February 7th. Jefferies Financial Group upped their price objective on Fortinet from $95.00 to $105.00 and gave the company a "hold" rating in a research report on Thursday, December 19th. KeyCorp upgraded Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 price objective for the company in a research report on Thursday, December 19th. Mizuho upped their price objective on Fortinet from $68.00 to $78.00 and gave the company an "underperform" rating in a research report on Friday, December 13th. Finally, StockNews.com cut Fortinet from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $103.72.

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Insider Activity at Fortinet

In other news, CEO Ken Xie sold 22,916 shares of the firm's stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the sale, the chief executive officer now directly owns 48,983,683 shares of the company's stock, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 622,904 shares of company stock valued at $61,338,694. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $97.93 on Thursday. The stock has a 50 day moving average of $102.22 and a 200 day moving average of $91.41. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The firm has a market cap of $75.31 billion, a PE ratio of 43.33, a PEG ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating 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%. On average, research analysts expect that Fortinet, Inc. will post 2.09 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.

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