Fortinet, Inc. $FTNT Shares Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 28.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,973 shares of the software maker’s stock after buying an additional 4,902 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Fortinet were worth $1,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake in shares of Fortinet by 504.7% in the first quarter. Fifth Third Bancorp now owns 128,125 shares of the software maker’s stock worth $10,470,000 after purchasing an additional 106,938 shares during the last quarter. Granite Bay Wealth Management LLC purchased a new stake in Fortinet in the first quarter valued at approximately $349,000. Candriam S.C.A. boosted its position in Fortinet by 11.7% in the first quarter. Candriam S.C.A. now owns 328,975 shares of the software maker’s stock valued at $26,884,000 after buying an additional 34,499 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Fortinet by 39.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 33,212 shares of the software maker’s stock worth $2,714,000 after buying an additional 9,376 shares during the period. Finally, Fulcrum Capital LLC increased its holdings in Fortinet by 21.2% in the 1st quarter. Fulcrum Capital LLC now owns 174,592 shares of the software maker’s stock worth $14,268,000 after buying an additional 30,486 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $160.62 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $165.28. The firm has a market capitalization of $117.68 billion, a PE ratio of 62.02, a P/E/G ratio of 4.28 and a beta of 1.09. The business’s 50 day moving average price is $139.26 and its 200-day moving average price is $101.64.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.20. The company had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. Fortinet’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 EPS. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 160,632 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total transaction of $23,384,806.56. Following the transaction, the chief executive officer owned 52,972,372 shares of the company’s stock, valued at approximately $7,711,717,915.76. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,907 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total transaction of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This represents a 0.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 318,387 shares of company stock worth $43,403,063 over the last quarter. 17.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FTNT shares. Royal Bank Of Canada restated a “sector perform” rating and set a $107.00 target price (up from $90.00) on shares of Fortinet in a research report on Thursday, May 7th. Scotiabank boosted their price objective on Fortinet from $85.00 to $110.00 and gave the company a “sector perform” rating in a report on Thursday, May 7th. Weiss Ratings raised Fortinet from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 11th. JPMorgan Chase & Co. upped their target price on Fortinet from $73.00 to $75.00 and gave the stock an “underweight” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $80.00 target price on shares of Fortinet in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-four have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $111.00.

Fortinet Company Profile

Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.