MassMutual Private Wealth & Trust FSB Acquires 15,122 Shares of Fortinet, Inc. (NASDAQ:FTNT)

MassMutual Private Wealth & Trust FSB raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1,313.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,273 shares of the software maker’s stock after purchasing an additional 15,122 shares during the quarter. MassMutual Private Wealth & Trust FSB’s holdings in Fortinet were worth $1,537,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fifth Third Wealth Advisors LLC increased its holdings in Fortinet by 1.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker’s stock worth $646,000 after buying an additional 107 shares during the last quarter. Versant Capital Management Inc boosted its position in Fortinet by 13.1% during the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker’s stock worth $104,000 after purchasing an additional 128 shares during the period. Diversified Trust Co boosted its holdings in shares of Fortinet by 0.6% during the 4th quarter. Diversified Trust Co now owns 23,852 shares of the software maker’s stock worth $2,254,000 after buying an additional 135 shares during the period. Eagle Capital Management LLC grew its holdings in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after buying an additional 141 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in shares of Fortinet by 3.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock worth $293,000 after purchasing an additional 141 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $94.23 on Tuesday. The stock has a market capitalization of $72.22 billion, a P/E ratio of 47.59, a PEG ratio of 2.51 and a beta of 1.00. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $95.62 and a two-hundred day simple moving average of $80.85. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom acquired 355 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now owns 4,689 shares in the company, valued at approximately $448,549.74. This represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FTNT shares. Stifel Nicolaus lifted their price objective on shares of Fortinet from $90.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $88.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Truist Financial reaffirmed a “buy” rating and set a $105.00 target price (up previously from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Citigroup boosted their price objective on Fortinet from $100.00 to $101.00 and gave the company a “neutral” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.17.

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.