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 Intel (NASDAQ:INTC) 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 ServiceNow (NYSE:NOW) on 2/3/2025.
• Sold $1,001 – $15,000 in shares of Microsoft (NASDAQ:MSFT) on 1/30/2025.
• Purchased $1,001 – $15,000 in shares of Alibaba Group (NYSE:BABA) on 1/30/2025.
• Purchased $1,001 – $15,000 in shares of Alibaba Group (NYSE:BABA) on 1/29/2025.
• Sold $1,001 – $15,000 in shares of Credo Technology Group (NASDAQ:CRDO) 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 NVIDIA (NASDAQ:NVDA) on 1/29/2025.

Fortinet Price Performance

Shares of Fortinet stock opened at $111.64 on Friday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $112.37. The company has a quick ratio of 1.25, a current ratio of 1.34 and a debt-to-equity ratio of 1.09. The company has a 50-day simple moving average of $98.60 and a two-hundred day simple moving average of $86.37. The stock has a market capitalization of $85.57 billion, a price-to-earnings ratio of 49.40, a price-to-earnings-growth ratio of 2.75 and a beta of 1.01.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (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%. Analysts forecast that Fortinet, Inc. will post 2.05 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the topic of a number of research reports. Raymond James reissued a “market perform” rating on shares of Fortinet in a report on Tuesday, January 14th. Mizuho upped 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. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $103.72.

Insider Activity

In related news, CFO Keith Jensen sold 4,250 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares in the company, valued at approximately $425,901.87. This represents a 47.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred 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 transaction, the director now owns 150,245 shares of the company’s stock, valued at $14,799,132.50. This trade represents a 0.24 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last quarter. Insiders own 18.00% of the company’s stock.

Institutional Trading of Fortinet

Institutional investors and hedge funds have recently made changes to their positions in the company. First Hawaiian Bank purchased a new stake in shares of Fortinet in the fourth quarter valued at about $670,000. LVM Capital Management Ltd. MI raised its holdings in shares of Fortinet by 10.7% in the fourth quarter. LVM Capital Management Ltd. MI now owns 89,827 shares of the software maker’s stock valued at $8,487,000 after purchasing an additional 8,707 shares during the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Fortinet by 7.6% in the third quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $1,186,000 after purchasing an additional 1,081 shares during the last quarter. Trilogy Capital Inc. raised its holdings in shares of Fortinet by 17.8% in the fourth quarter. Trilogy Capital Inc. now owns 23,499 shares of the software maker’s stock valued at $2,220,000 after purchasing an additional 3,544 shares during the last quarter. Finally, Forsta AP Fonden raised its holdings in shares of Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after purchasing an additional 14,300 shares during the last quarter. Hedge funds and other 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.

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.