B. Riley Wealth Advisors Inc. Has $3.29 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

B. Riley Wealth Advisors Inc. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 423.3% during the first quarter, HoldingsChannel reports. The fund owned 48,201 shares of the software maker’s stock after buying an additional 38,990 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Fortinet were worth $3,293,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FTNT. Winthrop Capital Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares in the last quarter. Vima LLC acquired a new position in shares of Fortinet during the 4th quarter worth about $25,000. Creekmur Asset Management LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $32,000. Finally, American National Bank increased its position in shares of Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on FTNT shares. Wells Fargo & Company lowered their price target on Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Tuesday, June 11th. Barclays lowered their price objective on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Royal Bank of Canada reduced their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Finally, Cantor Fitzgerald dropped their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $70.00.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $58.04 on Thursday. The firm has a 50 day simple moving average of $59.33 and a 200 day simple moving average of $63.75. The company has a market cap of $44.34 billion, a price-to-earnings ratio of 37.93, a PEG ratio of 2.81 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.58.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, analysts expect that Fortinet, Inc. will post 1.47 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom purchased 586 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 67,203 shares of company stock worth $4,015,048. Insiders own 18.00% of the company’s stock.

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.