Fortinet (NASDAQ:FTNT) Shares Unloaded Rep. Robert Bresnahan, Jr.

Representative Robert Bresnahan, Jr. (R-Pennsylvania) recently sold shares of Fortinet, Inc. NASDAQ: FTNT. In a filing disclosed on February 13th, the Representative disclosed that they had sold between $1,001 and $15,000 in Fortinet stock on January 13th. The trade occurred in the Representative's "JOINT OWNERSHIP LPL ACCOUNT" account.

Representative Robert Bresnahan, Jr. also recently made the following trade(s):

• Sold $15,001 - $50,000 in shares of Lowe's Companies NYSE: LOW on 2/7/2025.
• Purchased $1,001 - $15,000 in shares of ServiceNow NYSE: NOW on 2/3/2025.
• Purchased $1,001 - $15,000 in shares of Take-Two Interactive Software NASDAQ: TTWO on 2/3/2025.
• Purchased $1,001 - $15,000 in shares of Intel NASDAQ: INTC on 2/3/2025.
• Purchased $1,001 - $15,000 in shares of Alibaba Group NYSE: BABA on 1/30/2025.
• Sold $1,001 - $15,000 in shares of Microsoft NASDAQ: MSFT on 1/30/2025.
• Sold $1,001 - $15,000 in shares of Robinhood Markets NASDAQ: HOOD on 1/29/2025.
• Sold $1,001 - $15,000 in shares of NVIDIA NASDAQ: NVDA on 1/29/2025.
• Sold $1,001 - $15,000 in shares of Manhattan Associates NASDAQ: MANH on 1/29/2025.
• Sold $1,001 - $15,000 in shares of Credo Technology Group NASDAQ: CRDO on 1/29/2025.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $2.62 during trading on Tuesday, reaching $114.26. The stock had a trading volume of 6,665,290 shares, compared to its average volume of 4,578,501. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The stock has a fifty day simple moving average of $99.23 and a two-hundred day simple moving average of $87.56. The firm has a market capitalization of $87.57 billion, a price-to-earnings ratio of 50.56, a P/E/G ratio of 2.75 and a beta of 1.01. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 463.85%. As a group, analysts anticipate that Fortinet, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. TD Cowen boosted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. HSBC raised Fortinet from a "hold" rating to a "buy" rating and increased their target price for the stock from $83.00 to $111.00 in a research note on Monday, November 11th. Jefferies Financial Group upped their price target on Fortinet from $95.00 to $105.00 and gave the stock a "hold" rating in a research report on Thursday, December 19th. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Citigroup upped their price target on Fortinet from $100.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $103.72.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,044 shares of the firm's stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 17,650 shares of the firm's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the sale, the chief financial officer now directly owns 4,689 shares in the company, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,610 shares of company stock worth $6,083,029. Company insiders own 18.00% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Cape Cod Five Cents Savings Bank increased its position in shares of Fortinet by 1.9% in the fourth quarter. Cape Cod Five Cents Savings Bank now owns 64,436 shares of the software maker's stock worth $4,997,000 after purchasing an additional 1,194 shares during the period. Vise Technologies Inc. increased its position in shares of Fortinet by 31.5% in the fourth quarter. Vise Technologies Inc. now owns 11,268 shares of the software maker's stock worth $1,065,000 after purchasing an additional 2,698 shares during the period. Cornerstone Advisory LLC bought a new position in shares of Fortinet in the fourth quarter worth $194,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares during the period. Finally, Focus Partners Advisor Solutions LLC increased its position in shares of Fortinet by 42.8% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 18,146 shares of the software maker's stock worth $1,714,000 after purchasing an additional 5,439 shares during the period. Institutional investors own 83.71% of the company's stock.

About Representative Bresnahan

Rob Bresnahan Jr. (Republican Party) is a member of the U.S. House, representing Pennsylvania's 8th Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027. Bresnahan (Republican Party) is running for re-election to the U.S. House to represent Pennsylvania's 8th Congressional District. He declared candidacy for the 2026 election. Rob Bresnahan Jr. was born in Kingston, Pennsylvania. He earned a B.S. in business administration, management and operations from the University of Scranton in 2012. His career experience includes working as the chief financial officer and CEO of a family business, an electrical contracting company.

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.