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 Stock Performance

Shares of Fortinet stock opened at $99.54 on Friday. The firm has a market capitalization of $76.54 billion, a P/E ratio of 44.04, a price-to-earnings-growth ratio of 4.19 and a beta of 0.97. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The business’s fifty day simple moving average is $102.92 and its 200 day simple moving average is $92.99. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share 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 256.53%. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Institutional Trading of Fortinet

Hedge funds have recently bought and sold shares of the company. Mascagni Wealth Management Inc. bought a new stake in Fortinet in the fourth quarter worth $551,000. Fairtree Asset Management Pty Ltd bought a new stake in Fortinet during the 4th quarter valued at $633,000. 111 Capital purchased a new position in shares of Fortinet in the fourth quarter valued at about $2,195,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Fortinet by 23.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 93,331 shares of the software maker’s stock valued at $8,818,000 after acquiring an additional 18,008 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC boosted its holdings in shares of Fortinet by 0.9% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 64,588 shares of the software maker’s stock worth $6,102,000 after purchasing an additional 556 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent research reports. Jefferies Financial Group raised their target price on Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Morgan Stanley assumed coverage on shares of Fortinet in a research note on Tuesday, March 18th. They issued an “overweight” rating and a $123.00 target price for the company. Robert W. Baird restated a “neutral” rating and set a $112.00 price target (up from $105.00) on shares of Fortinet in a research note on Monday, February 3rd. Royal Bank of Canada boosted their target price on shares of Fortinet from $97.00 to $115.00 and gave the company a “sector perform” rating in a report on Friday, February 7th. Finally, UBS Group set a $123.00 price target on Fortinet in a report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $105.69.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the business’s stock in a transaction 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 in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth A. Goldman sold 2,000 shares of Fortinet stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the director now directly owns 18,612 shares of the company’s stock, valued at approximately $1,861,200. This trade represents a 9.70 % decrease in their ownership of the stock. 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 ninety days. 18.00% of the stock is owned by insiders.

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.

About Fortinet

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.