Argent Capital Management LLC Has $58.74 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Argent Capital Management LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 621,689 shares of the software maker's stock after selling 4,505 shares during the quarter. Fortinet accounts for 1.7% of Argent Capital Management LLC's portfolio, making the stock its 23rd largest holding. Argent Capital Management LLC owned approximately 0.08% of Fortinet worth $58,737,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FTNT. State Street Corp increased its position in shares of Fortinet by 2.9% during the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker's stock worth $2,115,663,000 after purchasing an additional 766,135 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Fortinet by 2.4% during the third quarter. Geode Capital Management LLC now owns 14,883,012 shares of the software maker's stock worth $1,151,097,000 after buying an additional 354,692 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker's stock worth $376,016,000 after buying an additional 4,148,520 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fortinet by 10.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,787,931 shares of the software maker's stock valued at $448,854,000 after acquiring an additional 542,727 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Fortinet by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,817,859 shares of the software maker's stock worth $296,075,000 after acquiring an additional 68,852 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 1.1 %

Shares of FTNT traded up $0.99 during trading hours on Thursday, reaching $94.05. The stock had a trading volume of 2,895,352 shares, compared to its average volume of 4,141,967. The firm has a 50-day moving average of $95.43 and a 200 day moving average of $80.00. 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 company has a market cap of $72.08 billion, a P/E ratio of 47.50, a P/E/G ratio of 2.51 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $101.00.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Fortinet in a report on Friday, November 22nd. The Goldman Sachs Group raised their target price on Fortinet from $100.00 to $114.00 and gave the company a "buy" rating in a research note on Thursday, January 2nd. Truist Financial reaffirmed a "buy" rating and issued a $105.00 price target (up from $85.00) on shares of Fortinet in a report on Wednesday, November 20th. Robert W. Baird increased their price objective on shares of Fortinet from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Tuesday, November 19th. Finally, KeyCorp raised shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average target price of $94.35.

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.