Conestoga Capital Advisors released its third-quarter 2025 investor letter, noting equity markets hit new highs. The Mid Cap Composite returned -3.2%, underperforming the Russell Midcap Growth Index. Top holdings include Fortinet, Inc. (NASDAQ:FTNT), a cybersecurity solutions provider. FTNT stock closed at $84.78 on October 21, 2025, with a market cap of $64.964 billion.

In the investor letter, Conestoga Capital Advisors highlighted Fortinet, Inc. (NASDAQ:FTNT) as a leader in network security firewalls. The company faced share pressure due to revised revenue growth estimates for 2026 and 2027. FTNT stock had a one-month return of -0.57% and gained 2.84% in the last 52 weeks.

Despite being a popular investment choice, Fortinet, Inc. (NASDAQ:FTNT) was not among the 30 most popular stocks held by hedge funds. While FTNT shows potential, other AI stocks may offer greater upside with less risk. For the latest on profitable software stocks and hedge fund investor letters, visit the respective articles.

Read more at Yahoo Finance: Here’s What Pressured Fortinet (FTNT) in Q3