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):

• 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 Trading Down 1.1 %

FTNT opened at $101.01 on Thursday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The business has a fifty day simple moving average of $102.81 and a 200-day simple moving average of $92.95. 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.

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

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total transaction of $2,150,466.08. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last three months. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. The Goldman Sachs Group raised their price target on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Jefferies Financial Group lifted their price objective on Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. Susquehanna upped their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a research note on Monday, February 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research note on Friday, February 7th. One 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $105.69.

Institutional Trading of Fortinet

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mascagni Wealth Management Inc. purchased a new stake in shares of Fortinet in the fourth quarter valued at $551,000. Fairtree Asset Management Pty Ltd purchased a new position in shares of Fortinet in the 4th quarter valued at $633,000. 111 Capital acquired a new position in shares of Fortinet during the 4th quarter valued at $2,195,000. Wealth Enhancement Advisory Services LLC increased its holdings in Fortinet by 23.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 93,331 shares of the software maker’s stock valued at $8,818,000 after purchasing an additional 18,008 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in Fortinet by 0.9% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 64,588 shares of the software maker’s stock valued at $6,102,000 after purchasing an additional 556 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

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.