Symphony Financial Ltd. Co. Has $846,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Symphony Financial Ltd. Co. boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 40.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,925 shares of the software maker’s stock after acquiring an additional 3,130 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Fortinet were worth $846,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Winthrop Capital Management LLC bought a new position in Fortinet during the first quarter valued at approximately $25,000. Eastern Bank bought a new position in shares of Fortinet in the third quarter valued at approximately $25,000. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Finally, City State Bank grew its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Up 0.5 %

NASDAQ:FTNT opened at $82.44 on Wednesday. The company has a market cap of $62.98 billion, a P/E ratio of 53.88, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The business has a 50 day moving average price of $77.01 and a two-hundred day moving average price of $66.70.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. As a group, analysts expect that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research note on Thursday, October 17th. Morgan Stanley reduced their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Royal Bank of Canada lifted their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald lifted their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.71.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by insiders.

Fortinet Company 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.