Rep. Dan Newhouse Sells Off Fortinet, Inc. (NASDAQ:FTNT) Shares

Key Points

• Rep. Dan Newhouse sold Fortinet shares worth between $1,001 and $15,000 on July 10, disclosed in a filing on July 17. The trade was made through his EDWARD JONES IRA account.
• Fortinet has seen notable insider selling, including recent sales by VP Michael Xie and CEO Ken Xie under pre-arranged 10b5-1 plans. Over the last quarter, insiders sold 318,387 shares worth about $43.4 million.
• Analysts remain cautious overall: Fortinet currently has an average Wall Street rating of “Hold” with an average target price of $115.58, even as some firms have recently raised targets and one upgraded the stock to buy.

Representative Dan Newhouse (Republican-Washington) recently sold shares of Fortinet, Inc. NASDAQ: FTNT. In a filing disclosed on July 17th, the Representative disclosed that they had sold between $1,001 and $15,000 in Fortinet stock on July 10th. The trade occurred in the Representative's "EDWARD JONES IRA" account.

Representative Dan Newhouse also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of Costco Wholesale NASDAQ: COST on 7/10/2026.
• Sold $1,001 - $15,000 in shares of UnitedHealth Group NYSE: UNH on 7/10/2026.
• Sold $1,001 - $15,000 in shares of Deere & Company NYSE: DE on 7/10/2026.
• Purchased $1,001 - $15,000 in shares of Arista Networks NYSE: ANET on 7/10/2026.
• Sold $1,001 - $15,000 in shares of United Parcel Service NYSE: UPS on 7/10/2026.
• Sold $1,001 - $15,000 in shares of Hershey NYSE: HSY on 7/10/2026.
• Purchased $1,001 - $15,000 in shares of Duke Energy NYSE: DUK on 7/10/2026.
• Purchased $1,001 - $15,000 in shares of Amcor NYSE: AMCR on 7/10/2026.
• Sold $1,001 - $15,000 in shares of Magna International NYSE: MGA on 7/10/2026.
• Purchased $1,001 - $15,000 in shares of Accenture NYSE: ACN on 7/10/2026.

Fortinet Trading Down 0.8%

Shares of Fortinet stock opened at $160.36 on Tuesday. The company's 50-day moving average price is $145.20 and its 200-day moving average price is $104.52. The company has a current ratio of 1.15, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $170.35. The company has a market cap of $117.49 billion, a price-to-earnings ratio of 61.92, a PEG ratio of 4.39 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.20. Fortinet had a net margin of 27.49% and a return on equity of 160.08%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm posted $0.58 EPS. Fortinet's revenue was up 20.1% on a year-over-year basis. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. On average, equities analysts expect that Fortinet, Inc. will post 2.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 3,907 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total transaction of $572,141.08. Following the completion of the transaction, the vice president directly owned 9,923,610 shares of the company's stock, valued at approximately $1,453,213,448.40. This represents a 0.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 160,632 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $145.58, for a total value of $23,384,806.56. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $7,711,717,915.76. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 318,387 shares of company stock worth $43,403,063. 17.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortinet

Large investors have recently added to or reduced their stakes in the business. Regent Peak Wealth Advisors LLC purchased a new stake in Fortinet during the second quarter valued at about $201,000. Insight Wealth Strategies LLC lifted its stake in shares of Fortinet by 5.8% in the 2nd quarter. Insight Wealth Strategies LLC now owns 58,043 shares of the software maker's stock valued at $9,228,000 after acquiring an additional 3,157 shares during the last quarter. KMG Fiduciary Partners LLC grew its position in Fortinet by 4.9% during the 2nd quarter. KMG Fiduciary Partners LLC now owns 64,550 shares of the software maker's stock worth $9,916,000 after acquiring an additional 2,994 shares during the last quarter. Community Financial Services Group LLC purchased a new stake in shares of Fortinet during the second quarter valued at approximately $105,000. Finally, Fulton Bank N.A. bought a new stake in Fortinet during the 2nd quarter valued at $325,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent analyst reports. Stephens set a $115.00 target price on Fortinet and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research report on Saturday. Compass Point set a $100.00 target price on shares of Fortinet in a research report on Monday, May 4th. Scotiabank increased their price target on shares of Fortinet from $85.00 to $110.00 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Finally, Bank of America lifted their price objective on shares of Fortinet from $130.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twenty-three have assigned a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average target price of $115.58.

About Representative Newhouse

Dan Newhouse (Republican Party) is a member of the U.S. House, representing Washington's 4th Congressional District. He assumed office on January 3, 2015. His current term ends on January 3, 2027. Newhouse (Republican Party) ran for re-election to the U.S. House to represent Washington's 4th Congressional District. He won in the general election on November 5, 2024. Click here to see Newhouse's key votes in Congress. Newhouse served as a member of the Washington House of Representatives representing District 15-Position 2 from 2003 through 2009 and as Washington Director of Agriculture from 2009 to 2013. Newhouse was first elected to the state House in 2002 and served until he was named state Director of Agriculture in 2009. He was first appointed by Governor Christine Gregoire on February 18, 2009.

Fortinet Company Profile

Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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