Fortinet (NASDAQ:FTNT) Shares Acquired Rep. Byron Donalds

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):

• 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 Price Performance

Fortinet stock opened at $101.01 on Thursday. The stock’s 50 day moving average is $102.81 and its 200 day moving average is $92.95. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The firm has a market cap of $77.67 billion, a P/E ratio of 44.69, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Hedge Funds Weigh In On Fortinet

Several large investors have recently modified their holdings of FTNT. Advisors Asset Management Inc. grew its stake in Fortinet by 11.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 19,580 shares of the software maker’s stock valued at $1,518,000 after buying an additional 1,955 shares in the last quarter. Meridian Wealth Management LLC bought a new position in shares of Fortinet in the third quarter worth $647,000. Cerity Partners LLC grew its position in shares of Fortinet by 26.8% in the third quarter. Cerity Partners LLC now owns 274,158 shares of the software maker’s stock valued at $21,261,000 after purchasing an additional 57,888 shares in the last quarter. Algert Global LLC raised its stake in shares of Fortinet by 598.7% during the 3rd quarter. Algert Global LLC now owns 58,243 shares of the software maker’s stock valued at $4,517,000 after purchasing an additional 49,907 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in Fortinet by 4.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 143,056 shares of the software maker’s stock worth $11,094,000 after purchasing an additional 6,182 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FTNT. Scotiabank upped their target price on Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a research report on Friday, February 7th. Raymond James reiterated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. Royal Bank of Canada lifted their price target on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a research note on Friday, February 7th. Baird R W lowered Fortinet from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 3rd. Finally, Mizuho raised their price objective on Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $105.69.

Insider Activity

In related news, Director William H. Neukom acquired 328 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. This trade represents a 0.11 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total transaction 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. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,988 shares of company stock worth $59,094,530 over the last ninety days. Company insiders own 18.00% of the company’s stock.

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.