Symphony Financial Ltd. Co. Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Symphony Financial Ltd. Co. grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 40.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,925 shares of the software maker’s stock after purchasing an additional 3,130 shares during the period. Symphony Financial Ltd. Co.’s holdings in Fortinet were worth $846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in FTNT. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $25,000. Eastern Bank purchased a new position in Fortinet during the third quarter worth about $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter valued at about $33,000. Versant Capital Management Inc raised its stake in shares of Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Finally, City State Bank lifted its holdings in shares of Fortinet by 900.0% in the 3rd 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. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 0.5 %

NASDAQ FTNT opened at $82.44 on Wednesday. The company’s fifty day moving average price is $77.01 and its two-hundred day moving average price is $66.70. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The company has a market capitalization of $62.98 billion, a price-to-earnings ratio of 53.88, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FTNT. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities lowered their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $72.71.

Insider Buying and Selling

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

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.