What Makes Fortinet (FTNT)’s Long-Term Opportunities Bright?

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like Fortinet, Inc. (NASDAQ:FTNT) in the first quarter 2023 investor letter. Based in Sunnyvale, California, Fortinet, Inc. (NASDAQ:FTNT) offers cybersecurity and networking solutions. On May 26, 2023, Fortinet, Inc. (NASDAQ:FTNT) stock closed at $67.77 per share. One-month return of Fortinet, Inc. (NASDAQ:FTNT) was 7.49%, and its shares gained 13.76% of their value over the last 52 weeks. Fortinet, Inc. (NASDAQ:FTNT) has a market capitalization of $53.213 billion.

Conestoga Mid Cap Strategy made the following comment about Fortinet, Inc. (NASDAQ:FTNT) in its Q1 2023 investor letter:

“Fortinet, Inc. (NASDAQ:FTNT): FTNT is the worldwide market share leader in network security firewalls (by units). During the quarter, FTNT reported solid earnings and put forth better-than-feared 2023 guidance as demand appears to be more resilient (and broad-based) than expected. The company has been able to ship more firewalls as supply chain issues (primarily semiconductor chips) have eased considerably. As the ‘attack surface’ increases with ever more devices connected to the internet, FTNT’s long-term opportunities remain bright.”

Photo by Jefferson Santos on Unsplash

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 first quarter 2023 which was 47 in the previous quarter.

We discussed Fortinet, Inc. (NASDAQ:FTNT) in another article and shared the list of growth stocks to watch in Louis Navellier’s 2023 portfolio. In addition, please check out our hedge fund investor letters Q1 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.