Rep. Byron Donalds Purchases Shares of Fortinet, Inc. (NASDAQ:FTNT)

Representative Byron Donalds (R-Florida) recently bought shares of Fortinet, Inc. NASDAQ: FTNT. In a filing disclosed on March 25th, the Representative disclosed that they had bought between $1,001 and $15,000 in Fortinet stock on February 13th. The trade occurred in the Representative's "MORAN WEALTH IRA" account.

Representative Byron Donalds also recently made the following trade(s):

• Sold $1,001 - $15,000 in shares of Lockheed Martin NYSE: LMT on 2/13/2025.
• Purchased $1,001 - $15,000 in shares of DoorDash NASDAQ: DASH on 2/13/2025.
• Sold $1,001 - $15,000 in shares of FactSet Research Systems NYSE: FDS on 2/13/2025.
• Sold $1,001 - $15,000 in shares of RLI NYSE: RLI on 1/21/2025.
• Purchased $1,001 - $15,000 in shares of GoDaddy NYSE: GDDY on 1/21/2025.
• Purchased $1,001 - $15,000 in shares of First Citizens BancShares NASDAQ: FCNCA on 1/21/2025.
• Purchased $1,001 - $15,000 in shares of GoDaddy NYSE: GDDY on 1/16/2025.
• Sold $1,001 - $15,000 in shares of RLI NYSE: RLI on 1/16/2025.
• Purchased $1,001 - $15,000 in shares of First Citizens BancShares NASDAQ: FCNCA on 1/16/2025.
• Sold $1,001 - $15,000 in shares of Merck & Co., Inc. NYSE: MRK on 1/16/2025.

Fortinet Stock Down 3.0 %

FTNT traded down $2.94 during trading on Friday, hitting $96.60. The company had a trading volume of 4,499,314 shares, compared to its average volume of 4,970,900. The firm's 50-day moving average price is $102.97 and its 200 day moving average price is $93.38. The company has a market capitalization of $74.28 billion, a PE ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

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Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Investors Weigh In On Fortinet

A number of hedge funds and other institutional investors have recently made changes to their positions in FTNT. Norges Bank bought a new position in Fortinet during the 4th quarter worth $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet in the fourth quarter worth $389,867,000. FMR LLC raised its stake in Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Fortinet by 39.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. grew its stake in Fortinet by 72.6% during the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after buying an additional 2,064,016 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CFO Keith Jensen sold 23,500 shares of the firm's stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the sale, the chief financial officer now owns 4,736 shares of the company's stock, valued at approximately $537,820.16. This trade represents a 83.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the transaction, the chief executive officer now directly owns 49,039,698 shares of the company's stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock valued at $59,094,530 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FTNT shares. KeyCorp upgraded shares of Fortinet from a "sector weight" rating to an "overweight" rating and set a $115.00 target price for the company in a report on Thursday, December 19th. Citigroup lifted their target price on Fortinet from $100.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Robert W. Baird restated a "neutral" rating and issued a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. JPMorgan Chase & Co. upped their price objective on Fortinet from $99.00 to $105.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Finally, Piper Sandler reissued an "overweight" rating and issued a $135.00 target price (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $105.69.

About Representative Donalds

Byron Donalds (Republican Party) is a member of the U.S. House, representing Florida's 19th Congressional District. He assumed office on January 3, 2021. His current term ends on January 3, 2027. Donalds (Republican Party) is running for re-election to the U.S. House to represent Florida's 19th Congressional District. He declared candidacy for the 2026 election. Byron Donalds was born in Brooklyn, New York, and lives in Naples, Florida. Donalds earned a bachelor's degree in finance and marketing from Florida State University in 2002. His career experience includes working as a commercial credit officer in banking and as a portfolio manager in financial services.

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.