B. Riley Wealth Advisors Inc. Invests $1.12 Million in Fortinet, Inc. $FTNT

B. Riley Wealth Advisors Inc. purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,545 shares of the software maker’s stock, valued at approximately $1,115,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Fortinet by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 72,686,920 shares of the software maker’s stock valued at $7,684,461,000 after acquiring an additional 1,024,516 shares during the period. State Street Corp raised its position in Fortinet by 3.0% in the 2nd quarter. State Street Corp now owns 29,183,161 shares of the software maker’s stock valued at $3,085,244,000 after purchasing an additional 862,468 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Fortinet by 5.2% in the 2nd quarter. Geode Capital Management LLC now owns 16,916,974 shares of the software maker’s stock valued at $1,783,091,000 after buying an additional 828,569 shares during the period. Norges Bank purchased a new stake in shares of Fortinet during the second quarter worth approximately $1,640,900,000. Finally, Invesco Ltd. increased its position in shares of Fortinet by 7.9% in the 2nd quarter. Invesco Ltd. now owns 9,248,182 shares of the software maker’s stock valued at $977,718,000 after purchasing an additional 677,654 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 3,546 shares of Fortinet stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $86.53, for a total transaction of $306,835.38. Following the sale, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,485 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $86.51, for a total transaction of $13,710,537.35. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $4,445,911,452.29. This represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 0.9%

Shares of FTNT opened at $81.52 on Tuesday. The company’s fifty day moving average is $83.15 and its two-hundred day moving average is $89.10. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a quick ratio of 0.94, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. The firm has a market cap of $60.62 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 3.06 and a beta of 1.10.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, November 5th. The software maker reported $0.74 EPS for the quarter, beating the consensus estimate of $0.63 by $0.11. Fortinet had a net margin of 28.58% and a return on equity of 118.27%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm posted $0.63 earnings per share. Fortinet’s revenue for the quarter was up 14.4% compared to the same quarter last year. Fortinet has set its FY 2025 guidance at 2.660-2.700 EPS and its Q4 2025 guidance at 0.730-0.750 EPS. Analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FTNT shares. Barclays decreased their target price on Fortinet from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Thursday, November 6th. Hsbc Global Res lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Daiwa Capital Markets cut shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 price target for the company. in a report on Wednesday, November 12th. Finally, Robert W. Baird cut their price objective on Fortinet from $90.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twenty-eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $90.37.

Fortinet Company 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.