Range Financial Group LLC completely divested its stake in Fortinet by selling 29,944 shares for $3.2 million, as per an SEC filing on Oct. 17. This position accounted for 1.2% of the fund’s AUM. Shares of Fortinet closed at $83.44 on Oct. 17, up 3.2% over the past year.

Fortinet, a global cybersecurity solutions provider, saw Range Financial exit its position entirely. The company serves various sectors and generates revenue through hardware and software sales. After adding shares in Q2, Range Financial sold off its Fortinet stake, likely due to market reaction post-earnings release.

Despite Fortinet’s strong revenue growth and EPS beat, concerns arose about firewall upgrade completion impacting future revenue. Analyst downgrades followed the news, leading to the stock price decline. Range Financial’s move reflects market sentiment post-earnings, showing the fund’s strategic portfolio adjustments.

Read more at Nasdaq: Range Financial Dumps Nearly 30,000 Fortinet Shares for $3.2 Million