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Rep. Jefferson Shreve Sells Fortinet, Inc. (NASDAQ:FTNT) Shares

Fortinet logo with Computer and Technology background

Representative Jefferson Shreve (R-Indiana) recently sold shares of Fortinet, Inc. NASDAQ: FTNT. In a filing disclosed on June 22nd, the Representative disclosed that they had sold between $15,001 and $50,000 in Fortinet stock on May 12th. The trade occurred in the Representative's "CRT - STANDARD UNIT TRUST" account.

Representative Jefferson Shreve also recently made the following trade(s):

  • Sold $15,001 - $50,000 in shares of Hubbell NYSE: HUBB on 5/12/2025.
  • Sold $50,001 - $100,000 in shares of Trane Technologies NYSE: TT on 5/12/2025.
  • Sold $15,001 - $50,000 in shares of RTX NYSE: RTX on 5/12/2025.
  • Sold $50,001 - $100,000 in shares of NiSource NYSE: NI on 5/12/2025.
  • Sold $50,001 - $100,000 in shares of Johnson & Johnson NYSE: JNJ on 5/12/2025.
  • Sold $15,001 - $50,000 in shares of AppLovin NASDAQ: APP on 5/12/2025.
  • Sold $15,001 - $50,000 in shares of Fiserv NYSE: FI on 5/12/2025.
  • Sold $15,001 - $50,000 in shares of CNO Financial Group NYSE: CNO on 5/12/2025.
  • Sold $50,001 - $100,000 in shares of Cboe Global Markets NASDAQ: CBOE on 5/12/2025.
  • Sold $15,001 - $50,000 in shares of Lam Research NASDAQ: LRCX on 5/12/2025.

Fortinet Stock Up 0.3%

Shares of FTNT traded up $0.31 during mid-day trading on Friday, reaching $105.08. 811,059 shares of the stock traded hands, compared to its average volume of 4,767,649. The firm has a market cap of $80.43 billion, a price-to-earnings ratio of 43.24, a P/E/G ratio of 3.62 and a beta of 1.06. The stock has a fifty day simple moving average of $103.47 and a 200 day simple moving average of $101.51. Fortinet, Inc. has a 12-month low of $54.57 and a 12-month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FTNT shares. UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Stephens assumed coverage on shares of Fortinet in a report on Tuesday, April 1st. They set an "equal weight" rating and a $108.00 price target for the company. Scotiabank reduced their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Morgan Stanley cut their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Barclays set a $110.00 price objective on shares of Fortinet and gave the company an "equal weight" rating in a research note on Monday, July 14th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortinet presently has an average rating of "Hold" and an average price target of $106.48.

Read Our Latest Analysis on FTNT

Institutional Trading of Fortinet

Several large investors have recently made changes to their positions in FTNT. CWM LLC boosted its holdings in Fortinet by 6.7% in the second quarter. CWM LLC now owns 142,127 shares of the software maker's stock valued at $15,026,000 after acquiring an additional 8,933 shares during the last quarter. Board of the Pension Protection Fund boosted its holdings in Fortinet by 4.5% in the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker's stock valued at $243,000 after acquiring an additional 100 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Fortinet by 18.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 120,360 shares of the software maker's stock valued at $12,725,000 after acquiring an additional 18,407 shares during the last quarter. waypoint wealth counsel boosted its holdings in Fortinet by 62.6% in the second quarter. waypoint wealth counsel now owns 4,103 shares of the software maker's stock valued at $434,000 after acquiring an additional 1,579 shares during the last quarter. Finally, 1858 Wealth Management LLC bought a new position in Fortinet in the second quarter valued at about $257,000. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,452,678,361.90. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

About Representative Shreve

Jefferson Shreve (Republican Party) is a member of the U.S. House, representing Indiana's 6th Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027. Shreve (Republican Party) is running for re-election to the U.S. House to represent Indiana's 6th Congressional District. He declared candidacy for the 2026 election. Email editor@ballotpedia.org to notify us of updates to this biography. Jefferson Shreve earned a bachelor's degree from Indiana University in 1989, a graduate degree from the University of London in 1998, and a graduate degree from Purdue University in 2003. Shreve's career experience includes working as a real estate executive. Shreve was elected 7th District Vice Chairman of the Indiana Republican State Committee on January 17, 2018, and was re-elected on March 6, 2021. In 2020, he was selected as a district-level delegate to the 2020 Republican National Convention.

Fortinet Company Profile

(Get Free Report)

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.

Further Reading

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