B. Riley Wealth Advisors Inc. Purchases Shares of 10,545 Fortinet, Inc. $FTNT

B. Riley Wealth Advisors Inc. acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 10,545 shares of the software maker’s stock, valued at approximately $1,115,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Fortinet by 6.8% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,305,352 shares of the software maker’s stock valued at $137,800,000 after buying an additional 82,937 shares in the last quarter. Warther Private Wealth LLC boosted its position in Fortinet by 39.7% during the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after acquiring an additional 51,750 shares during the period. Cooper Financial Group acquired a new stake in shares of Fortinet during the second quarter worth approximately $2,653,000. Mainstay Capital Management LLC ADV grew its position in Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after purchasing an additional 8,643 shares in the last quarter. Finally, Motley Fool Asset Management LLC increased its stake in Fortinet by 15.0% in the 2nd quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock valued at $5,335,000 after buying an additional 6,566 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,546 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.53, for a total value of $306,835.38. Following the completion of the transaction, the vice president directly owned 10,492,018 shares of the company’s stock, valued at approximately $907,874,317.54. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,485 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $86.51, for a total value of $13,710,537.35. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $4,445,911,452.29. This trade represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $81.52 on Tuesday. The stock has a market cap of $60.62 billion, a P/E ratio of 33.55, a P/E/G ratio of 3.06 and a beta of 1.10. 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’s 50-day simple moving average is $83.15 and its 200 day simple moving average is $89.10.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on FTNT shares. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 target price on shares of Fortinet in a research note on Monday, November 24th. Mizuho lowered their price target on Fortinet from $75.00 to $72.00 and set an “underperform” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Daiwa Capital Markets downgraded shares of Fortinet from an “outperform” rating to a “neutral” rating and set a $86.00 target price for the company. in a research report on Wednesday, November 12th. Finally, UBS Group dropped their price target on shares of Fortinet from $90.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $90.37.

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.