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

MassMutual Private Wealth & Trust FSB increased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1,313.8% during the fourth 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 acquiring 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 quarter.

A number of other large investors have also recently bought and sold shares of the business. Fifth Third Wealth Advisors LLC grew its stake in Fortinet by 1.6% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 6,833 shares of the software maker's stock valued at $646,000 after acquiring an additional 107 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Fortinet by 13.1% in the fourth quarter. Versant Capital Management Inc now owns 1,106 shares of the software maker's stock valued at $104,000 after purchasing an additional 128 shares in the last quarter. Diversified Trust Co increased its stake 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 purchasing an additional 135 shares in the last quarter. Eagle Capital Management LLC raised its position in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker's stock worth $1,999,000 after purchasing an additional 141 shares during the last quarter. Finally, OneDigital Investment Advisors LLC lifted its stake in Fortinet by 3.9% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker's stock valued at $293,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded up $2.66 on Tuesday, reaching $96.89. The stock had a trading volume of 2,110,720 shares, compared to its average volume of 4,029,104. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $101.00. The business's 50-day moving average price is $95.62 and its two-hundred day moving average price is $80.85. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34. The stock has a market cap of $74.26 billion, a P/E ratio of 48.89, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00.

Insider Activity

In other news, CEO Ken Xie sold 22,916 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $97.93, for a total value of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares of the company's stock, valued at approximately $4,796,972,076.19. This represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 17,650 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $95.66, for a total transaction of $1,688,399.00. Following the sale, the chief financial officer now owns 4,689 shares of the company's stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, November 22nd. StockNews.com raised shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Scotiabank increased their price objective on shares of Fortinet from $110.00 to $115.00 and gave the company a "sector outperform" rating in a research report on Tuesday. Rosenblatt Securities increased their price target on Fortinet from $90.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Finally, Stifel Nicolaus upped their price objective on Fortinet from $90.00 to $103.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and a consensus target price of $96.33.

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.