B. Riley Wealth Advisors Inc. Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

B. Riley Wealth Advisors Inc. increased its position in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,121 shares of the software maker’s stock after acquiring an additional 2,890 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Fortinet were worth $2,119,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Covestor Ltd grew its holdings in Fortinet by 53.3% during the 1st 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. Zions Bancorporation N.A. lifted its stake in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after purchasing an additional 73 shares during the period. Ronald Blue Trust Inc. lifted its stake in shares of Fortinet by 632.9% during the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock worth $30,000 after purchasing an additional 462 shares during the period. Penserra Capital Management LLC lifted its stake in shares of Fortinet by 6.6% during the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of Fortinet during the 1st quarter worth $273,000. Institutional investors and hedge funds own 64.35% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $61.22 on Friday. The company has a market capitalization of $48.00 billion, a price-to-earnings ratio of 57.32, a price-to-earnings-growth ratio of 2.97 and a beta of 1.14. Fortinet, Inc. has a one year low of $42.61 and a one year high of $71.52. The stock has a 50-day simple moving average of $55.84 and a 200 day simple moving average of $52.94.

Fortinet (NASDAQ:FTNT – Get Rating) last posted its quarterly earnings results on Tuesday, February 7th. The software maker reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The company’s revenue for the quarter was up 33.1% compared to the same quarter last year. During the same period last year, the firm earned $0.19 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 98,374 shares of Fortinet stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $60.18, for a total value of $5,920,147.32. Following the completion of the transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at $274,962.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, EVP Patrice Perche sold 11,035 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $59.75, for a total value of $659,341.25. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,537,367.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 98,374 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $60.18, for a total transaction of $5,920,147.32. Following the completion of the transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at approximately $274,962.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 924,949 shares of company stock worth $53,411,641. Corporate insiders own 18.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FTNT. Morgan Stanley increased their price target on Fortinet from $69.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 8th. Roth Capital reaffirmed a “buy” rating on shares of Fortinet in a research report on Wednesday, February 8th. StockNews.com started coverage on Fortinet in a research report on Thursday. They issued a “buy” rating on the stock. Guggenheim started coverage on Fortinet in a research report on Monday, January 23rd. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on Fortinet from $69.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 8th. Nine investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.39.

Fortinet Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.