Updated from 3:32 p.m. EST

Symantec ( SYMC) needs to slow down.

Addicted to acquisition-shopping, the security giant has been buying companies at a pace faster than it can integrate them.

Its $830 million acquisition of the systems management company Altiris ( ATRS) comes a week after Symantec said it would cut costs to the tune of $200 million on an annualized basis to bring expenses in line with revenue.

Add to that Symantec's ongoing struggle to squeeze value and growth out of its purchase of Veritas, and it raises concerns about whether Symantec may again be biting off more than it can chew.

"One must wonder if it is not a better idea to fully integrate a business before acquiring a second one," says Michael Cuggino, president and portfolio manager of the Permanent Portfolio Fund, which holds shares of Symantec.

Shares of Symantec closed Monday off 25 cents, or 1.4%, to $17.52. Altiris rose 20% to $32.55.

Altiris makes IT management software that helps businesses manage different network based endpoint devices like laptops, desktops, servers, mobile devices, and storage assets. With Altiris' products, Symantec reckons its can help customers better manage and enforce security policies on different devices and protect those devices.

"The contribution that Altiris will be making is that an endpoint must be well-managed, otherwise it can't really be secure," says Steve Madigan, vice president of corporate development for Altiris.

The Altiris buy makes some strategic sense, since Symantec's rival McAfee ( MFE) offers similar capabilities in its products.

But the acquisition doesn't answer the larger question of whether Symantec can afford to do this deal now.

The Cupertino, Calif.-based security and storage maker is struggling to meet expectations when it comes to earnings, and it has acknowledged that it faces execution issues in its different business divisions.

It's also trying hard to completely integrate its $13.5 billion purchase of storage company Veritas from 2005.

"I don't believe Symantec realized the benefits of the Veritas acquisition from an operating standpoint," says Cuggino. "As an investor, I am concerned about the stock performance, and so far the results aren't there."

Symantec stock has dropped nearly 30% since the Veritas acquisition was announced and the company continues to suffer because of integration glitches.

The weak performance of its data center management business, which largely comprises Veritas products, led Symantec to cut its profit and sales outlook for the fiscal third quarter on Jan. 16.

Symantec CEO John Thompson admits he had expected to see the Symantec-Veritas integration to be complete by now. "My sense though is that it will take a few more quarters to go through," he said last week.

Thompson says that despite Wall Street's doubts, he believes Veritas was a step in the right direction. "Scale matters and we need to have a broader portfolio, as those are going to make the difference for Symantec's success," he says. "But I agree our execution has been not as precise as it should be."

Wall Street analysts seem to agree that Symantec needs to work on its execution before buying more companies. "We believe the timing of this Altiris acquisition is not ideal," wrote Daniel Ives, an analyst with Friedman Billings Ramsey, in a report.

"We believe now is the time for Symantec to get its own house in order, not to start acquiring more technologies in tangential product areas," he wrote. Friedman Billings Ramsey makes a market in Symantec shares.