Masso Torrence Wealth Management Inc. Takes $252,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Masso Torrence Wealth Management Inc. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,298 shares of the software maker’s stock, valued at approximately $252,000.

Other hedge funds have also recently made changes to their positions in the company. Atwood & Palmer Inc. purchased a new stake in Fortinet during the fourth quarter valued at approximately $29,000. Headinvest LLC purchased a new stake in shares of Fortinet in the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Fortinet in the third quarter worth $37,000. Rakuten Securities Inc. purchased a new stake in shares of Fortinet in the fourth quarter worth $43,000. Finally, CVA Family Office LLC purchased a new stake in shares of Fortinet in the fourth quarter worth $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.4 %

Shares of NASDAQ:FTNT traded up $0.88 during trading on Tuesday, reaching $64.57. The stock had a trading volume of 1,950,357 shares, compared to its average volume of 5,829,287. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a market capitalization of $49.27 billion, a P/E ratio of 43.95, a PEG ratio of 2.81 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 firm’s 50-day simple moving average is $68.37 and its 200 day simple moving average is $61.64.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion during 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%. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. As a group, research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. The Goldman Sachs Group increased their price objective on shares of Fortinet from $60.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 8th. Truist Financial upped their target price on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. BMO Capital Markets upped their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Sanford C. Bernstein began coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 target price for the company. Finally, Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on 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 sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock worth $8,977,876 in the last three months. Corporate insiders own 17.54% 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.