Massmutual Trust Co. FSB ADV Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Massmutual Trust Co. FSB ADV trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 32.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 800 shares of the software maker’s stock after selling 384 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Fortinet were worth $47,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Covestor Ltd increased its holdings in Fortinet by 53.3% during the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the last quarter. St. Johns Investment Management Company LLC purchased a new stake in Fortinet during the second quarter valued at approximately $30,000. GeoWealth Management LLC purchased a new stake in Fortinet during the second quarter valued at approximately $30,000. Altshuler Shaham Ltd purchased a new stake in Fortinet during the second quarter valued at approximately $31,000. Finally, Zions Bancorporation N.A. increased its holdings in Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares during the last quarter. 65.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Fortinet in a report on Wednesday, October 25th. They set a “hold” rating for the company. Morgan Stanley dropped their price target on shares of Fortinet from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. Barclays reiterated an “equal weight” rating and issued a $63.00 price target (down from $71.00) on shares of Fortinet in a research report on Friday, October 13th. Wedbush dropped their price target on shares of Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Finally, Capital One Financial began coverage on shares of Fortinet in a research report on Wednesday, September 13th. They issued an “overweight” rating and a $74.00 price target for the company. Nineteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $65.90.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 24,715 shares of Fortinet stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total value of $1,457,937.85. Following the transaction, the chief financial officer now owns 4,583 shares of the company’s stock, valued at approximately $270,351.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Keith Jensen sold 24,715 shares of Fortinet stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total value of $1,457,937.85. Following the transaction, the chief financial officer now owns 4,583 shares of the company’s stock, valued at approximately $270,351.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the transaction, the director now owns 291,551 shares in the company, valued at $18,449,347.28. The disclosure for this purchase can be found here. Insiders have sold a total of 56,233 shares of company stock valued at $3,213,334 in the last 90 days. Insiders own 17.54% of the company’s stock.

Fortinet Stock Up 1.7 %

NASDAQ FTNT traded up $0.84 during trading on Friday, reaching $51.26. 5,021,557 shares of the company’s stock traded hands, compared to its average volume of 5,803,503. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.30 and a quick ratio of 1.17. The firm has a market cap of $39.36 billion, a price-to-earnings ratio of 35.35, a price-to-earnings-growth ratio of 2.30 and a beta of 1.14. The company’s 50 day simple moving average is $56.90 and its two-hundred day simple moving average is $64.50. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 2nd. The software maker reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.05. Fortinet had a net margin of 22.25% and a return on equity of 3,361.82%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter last year, the firm posted $0.28 EPS. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.28 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.