MassMutual Private Wealth & Trust FSB Purchases 4,135 Shares of Fortinet, Inc. (NASDAQ:FTNT)

MassMutual Private Wealth & Trust FSB increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,408 shares of the software maker's stock after purchasing an additional 4,135 shares during the quarter. MassMutual Private Wealth & Trust FSB's holdings in Fortinet were worth $1,964,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Eagle Capital Management LLC raised its position in shares of Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares in the last quarter. Brighton Jones LLC lifted its holdings in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. PFG Investments LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $208,000. Perigon Wealth Management LLC lifted its position in shares of Fortinet by 14.5% during the 4th quarter. Perigon Wealth Management LLC now owns 14,322 shares of the software maker's stock worth $1,347,000 after buying an additional 1,811 shares in the last quarter. Finally, SteelPeak Wealth LLC bought a new stake in shares of Fortinet during the 4th quarter worth $329,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.0%

Shares of NASDAQ:FTNT traded down $0.02 on Friday, reaching $102.02. The company had a trading volume of 17,092,383 shares, compared to its average volume of 4,974,057. The stock has a market capitalization of $78.09 billion, a P/E ratio of 45.14, a P/E/G ratio of 4.19 and a beta of 1.16. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average price of $99.68 and a 200 day moving average price of $99.48. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the business earned $0.43 earnings per share. The firm's revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 206,000 shares of the business'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 directly owns 51,391,879 shares in the company, valued at approximately $4,981,414,831.47. The trade was a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom bought 328 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares in the company, valued at $31,899,637.98. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 697,818 shares of company stock worth $69,539,128 over the last ninety days. Company insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTNT. The Goldman Sachs Group boosted their price objective on Fortinet from $114.00 to $130.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Guggenheim restated a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. Morgan Stanley cut their target price on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Jefferies Financial Group cut their price target on shares of Fortinet from $115.00 to $105.00 and set a "hold" rating on the stock in a report on Monday, March 31st. Finally, Robert W. Baird increased their target price on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Fortinet has an average rating of "Hold" and an average price target of $104.80.

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.