Argent Capital Management LLC Sells 4,505 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Argent Capital Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 621,689 shares of the software maker’s stock after selling 4,505 shares during the quarter. Fortinet makes up approximately 1.7% of Argent Capital Management LLC’s portfolio, making the stock its 23rd largest holding. Argent Capital Management LLC owned about 0.08% of Fortinet worth $58,737,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in FTNT. Fifth Third Wealth Advisors LLC boosted its position 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 purchasing an additional 107 shares during the period. 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 position in Fortinet by 0.6% during the fourth 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 during the period. Eagle Capital Management LLC boosted its position in Fortinet by 0.6% during the third 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 period. Finally, OneDigital Investment Advisors LLC boosted its position in Fortinet by 3.9% during the third 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 during the period. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, Director William H. Neukom acquired 355 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were acquired at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. The trade was a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 22,916 shares of the company’s 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 sale, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,860 shares of company stock worth $6,469,056. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of recent analyst reports. TD Cowen increased their price target on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley increased their price target on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Wells Fargo & Company increased their price target on shares of Fortinet from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 19th. Scotiabank raised their target price on shares of Fortinet from $85.00 to $110.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 20th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 target price (up from $85.00) on shares of Fortinet in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $94.35.

Fortinet Trading Up 0.6 %

Shares of NASDAQ:FTNT opened at $93.06 on Thursday. The stock has a 50 day moving average of $95.43 and a 200 day moving average of $80.00. The company has a market cap of $71.33 billion, a PE ratio of 47.00, a price-to-earnings-growth ratio of 2.51 and a beta of 1.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $101.00.

Fortinet 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.