Symphony Financial Ltd. Co. Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Symphony Financial Ltd. Co. reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,527 shares of the software maker’s stock after selling 655 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Fortinet were worth $1,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Moneta Group Investment Advisors LLC lifted its stake in Fortinet by 125,937.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after acquiring an additional 14,586,086 shares during the period. Norges Bank bought a new position in Fortinet during the fourth quarter valued at approximately $312,964,000. Alliancebernstein L.P. boosted its holdings in Fortinet by 15.0% in the fourth quarter. Alliancebernstein L.P. now owns 26,607,677 shares of the software maker’s stock worth $1,300,849,000 after purchasing an additional 3,467,035 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Fortinet by 57.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 6,673,226 shares of the software maker’s stock valued at $443,503,000 after buying an additional 2,440,659 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Fortinet by 45.8% during the 1st quarter. Renaissance Technologies LLC now owns 6,230,645 shares of the software maker’s stock valued at $414,089,000 after buying an additional 1,958,200 shares during the period. 65.00% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 552 shares of the stock in a transaction dated Friday, September 8th. The stock was purchased at an average cost of $63.28 per share, with a total value of $34,930.56. Following the completion of the purchase, the director now owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director William H. Neukom acquired 552 shares of Fortinet stock in a transaction on Friday, September 8th. The shares were bought at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the acquisition, the director now directly owns 291,551 shares of the company’s stock, valued at approximately $18,449,347.28. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 5,885 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $75.05, for a total transaction of $441,669.25. Following the completion of the sale, the vice president now owns 29,727,018 shares of the company’s stock, valued at approximately $2,231,012,700.90. The disclosure for this sale can be found here. Insiders have sold a total of 67,218 shares of company stock worth $4,429,412 over the last quarter. Company insiders own 17.54% of the company’s stock.

Fortinet Trading Down 1.2 %

FTNT traded down $0.70 during trading on Tuesday, reaching $59.75. The company had a trading volume of 1,657,909 shares, compared to its average volume of 5,458,987. The company has a quick ratio of 1.29, a current ratio of 1.39 and a debt-to-equity ratio of 3.09. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $81.24. The stock has a market cap of $46.92 billion, a P/E ratio of 45.45, a PEG ratio of 2.69 and a beta of 1.16. The business has a 50 day simple moving average of $66.53 and a 200-day simple moving average of $66.92.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. On average, equities analysts anticipate that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on FTNT. Raymond James reduced their price objective on Fortinet from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. TD Cowen cut shares of Fortinet from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $90.00 to $70.00 in a report on Friday, August 4th. Wells Fargo & Company cut their price objective on shares of Fortinet from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, August 4th. Scotiabank decreased their target price on Fortinet from $90.00 to $71.00 and set a “sector outperform” rating on the stock in a report on Friday, August 4th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $72.00 price target on shares of Fortinet in a report on Thursday, September 14th. Ten investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.10.

About Fortinet

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.