Here’s What Pressured Fortinet (FTNT) in Q3

Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but their Mid Cap Composite returned -3.2% net-of-fees, underperforming the Russell Midcap Growth Index which gained 2.8% [1] - The focus on high-quality, profitable companies struggled in a risk-on environment during the quarter [1] Company Highlights: Fortinet, Inc. (NASDAQ:FTNT) - Fortinet is recognized as the market share leader in network security firewalls by units and reported solid results in Q3 2025, but faced share pressure due to lower-than-expected revenue growth estimates for 2026 and 2027 [3] - The stock of Fortinet had a one-month return of -0.57% and a 52-week gain of 2.84%, closing at $84.78 per share with a market capitalization of $64.964 billion on October 21, 2025 [2] - Fortinet is not among the 30 most popular stocks among hedge funds, with 46 hedge fund portfolios holding its stock at the end of Q2 2025, down from 62 in the previous quarter [4] Investment Perspective - While Fortinet is acknowledged for its potential, the company is viewed as having less upside compared to certain AI stocks, which are believed to offer greater potential and lower downside risk [4]