Citizens Financial Group Inc. RI Buys New Stake in Fortinet, Inc. $FTNT

Key Points

• Citizens Financial Group bought 23,387 Fortinet shares worth approximately $3.6 million during the second quarter. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet reported stronger-than-expected quarterly results, with earnings of $0.90 per share and revenue of $2.05 billion, up 25.6% year over year. The company issued fiscal 2026 EPS guidance of $3.410 to $3.470.
• Analyst sentiment is mixed: Fortinet has a consensus “Hold” rating and an average price target of $150.91, while shares opened at $155.85 after recently trading down 2.6%.

Citizens Financial Group Inc. RI purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund purchased 23,387 shares of the software maker's stock, valued at approximately $3,593,000.

Several other hedge funds have also bought and sold shares of the stock. Physician Wealth Advisors Inc. boosted its holdings in shares of Fortinet by 408.3% during the 1st quarter. Physician Wealth Advisors Inc. now owns 305 shares of the software maker's stock valued at $25,000 after purchasing an additional 245 shares during the last quarter. Dunhill Financial LLC bought a new stake in shares of Fortinet in the second quarter worth about $25,000. Wexford Capital LP purchased a new stake in shares of Fortinet in the third quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fortinet in the fourth quarter worth about $27,000. Finally, Palisade Asset Management LLC bought a new position in Fortinet during the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Activity

In other news, VP Michael Xie sold 3,907 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $146.44, for a total value of $572,141.08. Following the sale, the vice president directly owned 9,923,610 shares in the company, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total value of $26,266,662.12. Following the sale, the chief executive officer directly owned 52,972,372 shares of the company's stock, valued at $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 475,157 shares of company stock valued at $69,480,964. 17.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on FTNT. Morgan Stanley restated a "positive" rating and set a $136.00 price target (up from $133.00) on shares of Fortinet in a report on Thursday, July 30th. Robert W. Baird set a $165.00 target price on Fortinet in a research report on Thursday, July 30th. Rosenblatt Securities raised their target price on shares of Fortinet from $185.00 to $195.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Truist Financial set a $183.00 price target on shares of Fortinet and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Fortinet in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $150.91.

Fortinet Trading Down 2.6%

FTNT stock opened at $155.85 on Tuesday. The firm's fifty day simple moving average is $155.31 and its two-hundred day simple moving average is $115.83. The stock has a market capitalization of $114.35 billion, a price-to-earnings ratio of 54.88, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, beating the consensus estimate of $0.75 by $0.15. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the firm posted $0.64 EPS. The firm's revenue was up 25.6% compared to the same quarter last year. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 3.05 earnings per share for the current year.

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.

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