Argent Capital Management LLC Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Argent Capital Management LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 637,466 shares of the software maker's stock after selling 4,553 shares during the quarter. Argent Capital Management LLC owned approximately 0.08% of Fortinet worth $38,420,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. International Assets Investment Management LLC grew its stake in shares of Fortinet by 5,645.7% in the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker's stock valued at $15,587,000 after acquiring an additional 261,677 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Fortinet by 149.0% in the fourth quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker's stock valued at $3,502,000 after acquiring an additional 35,803 shares in the last quarter. abrdn plc grew its stake in shares of Fortinet by 66.9% in the fourth quarter. abrdn plc now owns 325,017 shares of the software maker's stock valued at $19,023,000 after acquiring an additional 130,308 shares in the last quarter. Larson Financial Group LLC grew its stake in shares of Fortinet by 19.3% in the fourth quarter. Larson Financial Group LLC now owns 4,359 shares of the software maker's stock valued at $255,000 after acquiring an additional 706 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Fortinet by 31.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker's stock valued at $62,000 after acquiring an additional 256 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 0.3 %

Shares of NASDAQ FTNT traded up $0.24 during midday trading on Friday, hitting $74.73. 3,182,470 shares of the company's stock were exchanged, compared to its average volume of 5,865,768. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $76.31. The company has a market cap of $57.09 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98. The business's fifty day moving average price is $62.38 and its two-hundred day moving average price is $64.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet's revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Equities analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of analyst reports. UBS Group increased their price objective on shares of Fortinet from $69.00 to $70.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a "moderate sell" rating to a "hold" rating in a research note on Wednesday, August 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Citigroup increased their target price on shares of Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $71.31.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the company's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the company's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company's stock, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock worth $7,132,649 over the last quarter. 18.00% of the stock is owned by corporate insiders.

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.