23,387 Shares in Fortinet, Inc. $FTNT Purchased by Citizens Financial Group Inc. RI

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

A number of other hedge funds have also added to or reduced their stakes in the stock. UNIVEST FINANCIAL Corp bought a new position in Fortinet in the 2nd quarter worth about $11,032,000. MidFirst Bank bought a new stake in shares of Fortinet during the second quarter valued at approximately $97,000. BlackRock Inc. purchased a new stake in shares of Fortinet in the second quarter valued at approximately $9,561,650,000. Occidental Asset Management LLC purchased a new stake in shares of Fortinet in the second quarter valued at approximately $334,000. Finally, Dunhill Financial LLC bought a new position in Fortinet in the second quarter worth approximately $25,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wells Fargo & Company set a $135.00 price objective on Fortinet and gave the stock an “underweight” rating in a report on Thursday, July 30th. Zacks Research raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Barclays set a $190.00 price target on Fortinet and gave the company an “equal weight” rating in a research note on Thursday, July 30th. BMO Capital Markets lifted their price objective on Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a report on Thursday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $185.00 price objective (up from $165.00) on shares of Fortinet in a research note on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eighteen have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $150.91.

Fortinet Stock Down 2.6%

Fortinet stock opened at $155.85 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 0.32. The firm has a market cap of $114.35 billion, a P/E ratio of 54.88, a P/E/G ratio of 3.03 and a beta of 1.07. The business has a fifty day moving average of $155.31 and a two-hundred day moving average of $115.83. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $172.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, July 29th. The software maker reported $0.90 EPS for the quarter, topping the consensus estimate of $0.75 by $0.15. Fortinet had a return on equity of 191.54% and a net margin of 28.17%.The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the company posted $0.64 EPS. The business’s revenue for the quarter 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. On average, analysts forecast that Fortinet, Inc. will post 3.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, COO John Whittle sold 146,015 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $128.41, for a total transaction of $18,749,786.15. Following the completion of the sale, the chief operating officer directly owned 94,724 shares of the company’s stock, valued at approximately $12,163,508.84. This represents a 60.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 3,907 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares in the company, valued at $1,453,213,448.40. This represents a 0.04% 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. Over the last ninety days, insiders sold 475,157 shares of company stock worth $69,480,964. 17.60% of the stock is owned by corporate insiders.

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.