5,831 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Mascagni Wealth Management Inc.

Mascagni Wealth Management Inc. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,831 shares of the software maker's stock, valued at approximately $551,000.

Other institutional investors also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet during the 4th quarter valued at $27,000. Oarsman Capital Inc. boosted its position in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after buying an additional 272 shares during the last quarter. Graney & King LLC bought a new position in shares of Fortinet during the fourth quarter worth about $43,000. Banque Transatlantique SA bought a new position in shares of Fortinet during the fourth quarter worth about $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in Fortinet during the fourth quarter worth about $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Stifel Nicolaus dropped their price objective on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Rosenblatt Securities raised their price target on shares of Fortinet from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Wells Fargo & Company dropped their price target on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Susquehanna raised their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a research note on Monday, February 10th. Finally, Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a "neutral" rating in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of "Hold" and an average price target of $104.80.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,167,217,215.48. This trade represents a 0.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 206,000 shares of the firm's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $96.93, for a total transaction of $19,967,580.00. Following the transaction, the chief executive officer now owns 51,391,879 shares in the company, valued at $4,981,414,831.47. This represents a 0.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 697,818 shares of company stock worth $69,539,128. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Down 0.0%

Shares of Fortinet stock traded down $0.02 during midday trading on Friday, reaching $102.02. 17,092,383 shares of the company's stock traded hands, compared to its average volume of 5,019,646. The company has a market cap of $78.09 billion, a price-to-earnings ratio of 45.14, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company's 50 day simple moving average is $99.68 and its 200 day simple moving average is $99.47. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.