Masso Torrence Wealth Management Inc. Makes New $252,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Masso Torrence Wealth Management Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel reports. The firm purchased 4,298 shares of the software maker’s stock, valued at approximately $252,000.

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

Analysts Set New Price Targets

A number of analysts recently commented on FTNT shares. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a report on Thursday, February 8th. Jefferies Financial Group decreased their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Finally, Truist Financial upped their target price on Fortinet from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Performance

Shares of Fortinet stock traded up $0.88 on Tuesday, hitting $64.57. The stock had a trading volume of 1,950,357 shares, compared to its average volume of 5,829,287. The stock has a market cap of $49.27 billion, a price-to-earnings ratio of 43.95, a price-to-earnings-growth ratio of 2.81 and a beta of 1.08. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The business’s 50 day moving average is $68.37 and its two-hundred day moving average is $61.64.

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

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was 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 $3,150,776,958. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, 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 over the last three months. Insiders own 17.54% of the company’s stock.

About Fortinet

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.