Rep. Gilbert Ray Cisneros, Jr. Sells Off Shares of Fortinet, Inc. (NASDAQ:FTNT)

Representative Gilbert Ray Cisneros, Jr. (Democratic-California) recently sold shares of Fortinet, Inc. (NASDAQ:FTNT). In a filing disclosed on May 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in Fortinet stock on April 14th. The trade occurred in the Representative’s “150 MAIN STREET TRUST > BANK OF AMERICA” account.

Representative Gilbert Ray Cisneros, Jr. also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Revvity (NYSE:RVTY) on 5/1/2026.
• Sold $1,001 – $15,000 in shares of Flex (NASDAQ:FLEX) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of LPL Financial (NASDAQ:LPLA) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of FirstService (NASDAQ:FSV) on 5/1/2026.
• Sold $1,001 – $15,000 in shares of SS&C Technologies (NASDAQ:SSNC) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of Wayfair (NYSE:W) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of STERIS (NYSE:STE) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of DoorDash (NASDAQ:DASH) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of Sensata Technologies (NYSE:ST) on 5/1/2026.
• Purchased $1,001 – $15,000 in shares of Veralto (NYSE:VLTO) on 5/1/2026.

Fortinet Stock Performance

FTNT traded down $1.57 during trading on Tuesday, reaching $113.87. The company’s stock had a trading volume of 4,908,852 shares, compared to its average volume of 6,607,017. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $116.46. The company’s fifty day moving average price is $84.43 and its 200-day moving average price is $82.40. The company has a market capitalization of $83.36 billion, a price-to-earnings ratio of 43.97, a price-to-earnings-growth ratio of 3.29 and a beta of 0.92. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.07 and a current ratio of 1.15.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.20. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the company earned $0.58 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. 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 forecast that Fortinet, Inc. will post 2.64 earnings per share for the current fiscal year.

Key Fortinet News

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet announced a deeper integration of its FortiAIGate solution with NVIDIA’s AI platforms, aimed at securing enterprise AI workloads with zero-trust protection, runtime guardrails, and defenses against prompt injection and data leakage. The partnership highlights Fortinet’s positioning in a fast-growing niche and could support future revenue growth. Article Title
• Positive Sentiment: Multiple articles framed Fortinet as a beneficiary of rising AI spending and post-quantum cybersecurity demand, with analysts and commentators suggesting the company could be an important “AI security” winner. That narrative can attract momentum buyers looking for companies tied to AI infrastructure, not just AI software. Article Title
• Neutral Sentiment: Several market commentary pieces described Fortinet as a high-quality growth or “Cyber-GARP” stock and noted its fresh 52-week high. These articles reinforce positive sentiment, but they do not add new fundamental catalysts beyond the NVIDIA news and broader AI-security theme. Article Title

Insider Activity

In other Fortinet news, VP Michael Xie sold 2,478 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.89, for a total value of $220,269.42. Following the sale, the vice president owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $88.90, for a total transaction of $476,059.50. Following the completion of the transaction, the chief executive officer owned 52,978,004 shares of the company’s stock, valued at $4,709,744,555.60. This trade represents a 0.01% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 17.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FTNT. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Fortinet in a report on Thursday, May 7th. BTIG Research raised Fortinet from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Thursday, May 7th. Compass Point set a $100.00 price objective on Fortinet in a report on Monday, May 4th. Freedom Capital lowered Fortinet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $107.00 price target (up from $90.00) on shares of Fortinet in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twenty-three have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $100.45.

Hedge Funds Weigh In On Fortinet

Hedge funds and other institutional investors have recently bought and sold shares of the company. CacheTech Inc. increased its holdings in shares of Fortinet by 72.9% during the 1st quarter. CacheTech Inc. now owns 9,189 shares of the software maker’s stock worth $751,000 after buying an additional 3,873 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in Fortinet in the 1st quarter valued at about $97,000. Glenview Trust Co boosted its position in Fortinet by 3.5% in the 1st quarter. Glenview Trust Co now owns 9,579 shares of the software maker’s stock valued at $783,000 after buying an additional 322 shares during the last quarter. Johnson Financial Group Inc. lifted its position in shares of Fortinet by 1.1% during the first quarter. Johnson Financial Group Inc. now owns 50,118 shares of the software maker’s stock worth $4,096,000 after purchasing an additional 525 shares during the last quarter. Finally, Convergence Investment Partners LLC bought a new position in shares of Fortinet during the first quarter worth about $4,575,000. 83.71% of the stock is owned by institutional investors and hedge funds.

About Representative Cisneros

Gil Cisneros (Democratic Party) is a member of the U.S. House, representing California’s 31st Congressional District. He assumed office on January 3, 2025. His current term ends on January 3, 2027.

Cisneros (Democratic Party) is running for re-election to the U.S. House to represent California’s 31st Congressional District. He declared candidacy for the 2026 election.

Gil Cisneros served in the U.S. Navy as a supply officer from 1994 to 2004. Cisneros earned a bachelor’s degree in political science from George Washington University in 1994, a master’s in business administration from Regis University in 2002, and a master’s degree in urban education policy from Brown University in 2015. His career experience includes working as a logistics manager for Frito-Lay. In 2010, Cisneros won the lottery and became involved in activism and philanthropy, founding a scholarship program for local high school students. In 2021, President Joe Biden (D) appointed Cisneros as under secretary of defense for personnel and readiness.

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.