Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by Symphony Financial Ltd. Co.

Symphony Financial Ltd. Co. lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 66.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,148 shares of the software maker’s stock after selling 11,919 shares during the period. Symphony Financial Ltd. Co.’s holdings in Fortinet were worth $381,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in Fortinet by 24.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker’s stock worth $133,738,000 after buying an additional 76,027 shares during the last quarter. Raymond James Trust N.A. increased its position in Fortinet by 24.0% during the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker’s stock worth $779,000 after buying an additional 441 shares during the last quarter. Zions Bancorporation N.A. increased its position in Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after buying an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in Fortinet by 209.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker’s stock worth $530,000 after buying an additional 1,049 shares during the last quarter. Finally, Covestor Ltd increased its position in Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 46,733 shares of the company’s stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $60.12, for a total value of $2,809,587.96. Following the transaction, the chief executive officer now owns 51,701,091 shares in the company, valued at approximately $3,108,269,590.92. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 154,880 shares of company stock valued at $10,233,981 in the last three months. 17.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Morgan Stanley raised their price target on Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Scotiabank raised their price target on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. BMO Capital Markets raised their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Capital One Financial downgraded Fortinet from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, January 17th. Finally, JPMorgan Chase & Co. lifted their target price on Fortinet from $52.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $71.55.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.04 during midday trading on Friday, reaching $68.31. The company had a trading volume of 3,922,212 shares, compared to its average volume of 4,816,055. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a market capitalization of $52.12 billion, a price-to-earnings ratio of 47.11, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a fifty day simple moving average of $68.12 and a 200 day simple moving average of $60.76.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.39 earnings per share 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.