Fortinet (FTNT) Fell on Missed Forecast

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve’s shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Select Strategy highlighted stocks like Fortinet, Inc. (NASDAQ:FTNT) in the third quarter 2023 investor letter. Based in Sunnyvale, California, Fortinet, Inc. (NASDAQ:FTNT) offers cybersecurity and networking solutions. On December 7, 2023, Fortinet, Inc. (NASDAQ:FTNT) stock closed at $51.32 per share. One-month return of Fortinet, Inc. (NASDAQ:FTNT) was 0.98%, and its shares lost 1.55% of their value over the last 52 weeks. Fortinet, Inc. (NASDAQ:FTNT) has a market capitalization of $39.409 billion.

ClearBridge Select Strategy made the following comment about Fortinet, Inc. (NASDAQ:FTNT) in its Q3 2023 investor letter:

“Our information technology (IT) exposure also detracted from results as higher growth, higher multiple disruptors came under pressure from rising rates and a more cautious demand environment. Information security software platform Fortinet, Inc. (NASDAQ:FTNT) dropped sharply after its second quarter revenue and billings numbers missed forecasts and the company reduced third quarter and full-year guidance as backlog trends normalize post last year’s supply chain issues.”

An engineer typing on a computer, developing the latest cybersecurity application.

Fortinet, Inc. (NASDAQ:FTNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Fortinet, Inc. (NASDAQ:FTNT)at the end of third quarter which was 49 in the previous quarter.

We discussed Fortinet, Inc. (NASDAQ:FTNT) in another article and shared the list of best-performing S&P 500 stocks in the last 10 years. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.