Rep. Robert Bresnahan, Jr. Sells Off Shares of Fortinet, Inc. (NASDAQ:FTNT)

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 Up 1.5 %

NASDAQ:FTNT opened at $111.64 on Friday. The company has a market cap of $85.57 billion, a PE ratio of 49.40, a P/E/G ratio of 2.75 and a beta of 1.01. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company’s 50 day moving average is $98.60 and its two-hundred day moving average is $86.57.

Fortinet (NASDAQ:FTNT) last released its earnings results 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 net margin of 29.30% and a return on equity of 463.85%. Analysts anticipate that Fortinet, Inc. will post 2.05 EPS for the current year.

Institutional Investors Weigh In On Fortinet

A number of large investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter valued at about $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet in the fourth quarter valued at about $389,867,000. FMR LLC grew its holdings in shares of 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 during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock valued at $720,150,000 after purchasing an additional 2,151,811 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock valued at $463,561,000 after purchasing an additional 2,064,016 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In related news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were bought at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the transaction, the director now directly owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 22,916 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $97.93, for a total transaction of $2,244,163.88. Following the completion of the transaction, the chief executive officer now directly owns 48,983,683 shares in the company, valued at $4,796,972,076.19. The trade was a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,860 shares of company stock valued at $6,469,056. 18.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of several research reports. Guggenheim restated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Morgan Stanley lifted their price objective on shares of Fortinet from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Mizuho lifted their price objective on shares of Fortinet from $68.00 to $78.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Piper Sandler restated an “overweight” rating and set a $135.00 price objective (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Finally, Jefferies Financial Group lifted their price objective on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $103.72.

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.

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.