SYM FINANCIAL Corp Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

SYM FINANCIAL Corp raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 25.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,283 shares of the software maker’s stock after purchasing an additional 1,069 shares during the quarter. SYM FINANCIAL Corp’s holdings in Fortinet were worth $499,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FTNT. Algert Global LLC purchased a new position in Fortinet during the 2nd quarter valued at about $502,000. Truist Financial Corp lifted its position in shares of Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock worth $2,765,000 after purchasing an additional 2,227 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Fortinet in the second quarter valued at approximately $2,922,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Fortinet in the second quarter valued at approximately $4,227,000. Finally, Czech National Bank increased its stake in Fortinet by 7.0% during the 3rd quarter. Czech National Bank now owns 129,330 shares of the software maker’s stock worth $10,030,000 after buying an additional 8,502 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $77.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 19th. BMO Capital Markets boosted their target price on Fortinet from $88.00 to $100.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 19th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research report on Friday, January 24th. Jefferies Financial Group boosted their price objective on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Finally, Rosenblatt Securities raised their target price on shares of Fortinet from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $96.83.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. The trade was a 0.24 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 0.0 %

Shares of NASDAQ:FTNT opened at $100.88 on Friday. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $102.87. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The stock has a market cap of $77.32 billion, a P/E ratio of 50.95, a P/E/G ratio of 2.61 and a beta of 1.00. The firm has a fifty day moving average price of $96.42 and a 200 day moving average price of $83.14.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, topping the consensus estimate 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 net margin of 26.79% and a return on equity of 973.30%. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.95 EPS for the current year.

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.