Symphony Financial Ltd. Co. Sells 122 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Symphony Financial Ltd. Co. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,803 shares of the software maker’s stock after selling 122 shares during the period. Symphony Financial Ltd. Co.’s holdings in Fortinet were worth $1,050,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Eastern Bank bought a new position in shares of Fortinet during the third quarter valued at $25,000. Ashton Thomas Securities LLC acquired a new position in Fortinet in the third quarter valued at approximately $26,000. Private Wealth Management Group LLC grew its stake in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the period. City State Bank raised its position in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Finally, Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter worth $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,044 shares of Fortinet stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of Fortinet stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at $448,549.74. The trade was a 79.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock valued at $6,469,056 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $100.88 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average price is $96.42 and its 200 day moving average price is $82.98. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $102.87. The stock has a market capitalization of $77.32 billion, a PE ratio of 50.95, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Fortinet had a return on equity of 973.30% and a net margin of 26.79%. During the same period in the prior year, the business posted $0.35 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.95 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on FTNT. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a report on Friday, January 24th. Truist Financial reissued a “buy” rating and set a $105.00 target price (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Barclays increased their target price on Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Bank of America increased their target price on shares of Fortinet from $87.00 to $104.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Mizuho upped their target price on Fortinet from $68.00 to $78.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $96.83.

Fortinet Profile

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.