Mascagni Wealth Management Inc. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Mascagni Wealth Management Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,831 shares of the software maker’s stock, valued at approximately $551,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. increased its holdings in shares of Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock valued at $39,000 after purchasing an additional 272 shares during the last quarter. Graney & King LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Banque Transatlantique SA acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.2%

Shares of NASDAQ FTNT opened at $104.51 on Thursday. The company has a market capitalization of $79.99 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The business has a 50-day moving average of $99.63 and a two-hundred day moving average of $99.41. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Scotiabank cut their target price on Fortinet from $135.00 to $115.00 and set a “sector outperform” rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus dropped their price objective on Fortinet from $115.00 to $95.00 and set a “hold” rating for the company in a research note on Thursday, May 8th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Roth Capital set a $103.00 price objective on 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 assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.80.

Insider Activity

In related news, Director William H. Neukom acquired 328 shares of Fortinet stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $106.33 per share, with a total value of $34,876.24. Following the purchase, the director now directly owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,488 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 697,818 shares of company stock valued at $69,539,128. Insiders own 17.20% 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.