Range Financial Group LLC fully exited its position in Fortinet (FTNT +0.01%), selling 29,944 shares for an estimated $3.2 million, according to an SEC filing dated Oct. 17.
The fund sold its entire position in Fortinet.
The position previously accounted for 1.2% of the fund’s AUM
What happened
According to a filing with the Securities and Exchange Commission dated October 17, 2025, Range Financial Group LLC sold its entire stake in Fortinet. The firm liquidated the 29,944 shares it held, with the estimated value of the transaction based on the quarterly average price totaling $3.2 million. The fund now holds no position in Fortinet.
What else to know
The fund sold out of Fortinet, reducing its exposure from 1.2% of AUM as of June 30, 2025 to zero
Top holdings after the filing:
NYSEMKT: GJAN: $13.9 million (5.0% of AUM) as of Sept. 30
NASDAQ: NVDA: $10 million (3.6% of AUM) as of Sept. 30
NASDAQ: STX: $7.7 million (2.8% of AUM) as of Sept. 30
NYSEMKT: SPLG: $7.2 million (2.6% of AUM) as of Sept. 30
NYSEMKT: PJAN: $7.1 million (2.6% of AUM) as of Sept. 30
Shares of Fortinet closed at $83.44 on Oct. 17, 2025, up 3.2% over the past year but underperforming the S&P 500's total return by 12.4 percentage points
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $63.94 billion |
| Revenue (TTM) | $6.34 billion |
| Net Income (TTM) | $1.94 billion |
| Price (as of market close 10/17/25) | $83.44 |
Company snapshot
Fortinet, Inc. is a global provider of integrated cybersecurity solutions, offering a broad product portfolio and scalable security infrastructure. The company leverages a mix of proprietary hardware and software to deliver robust network protection and threat mitigation for enterprises of all sizes.
It serves a diverse global customer base across telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare sectors.
The company generates revenue primarily through hardware and software sales, security subscriptions, technical support, and professional services, leveraging a channel partner distribution model alongside direct sales.
Foolish take
Range Financial sold its entire position after adding shares during the second quarter. During the June 30 through Sept. 30 period, the fund boosted its share ownership from 2.7 million shares to nearly 3.2 million shares.
However, the share sale follows the market's negative reaction following Fortinet's second-quarter earnings release on Aug. 6, sending the share price down nearly 22% the following day.
The company reported a 14% revenue increase to over $1.6 billion, the high end of management's quarterly guidance. The company also reported adjusted diluted earnings per share of $0.64, exceeding its budgeted figure. Management also raised its annual EPS guidance.
Nonetheless, investors focused on Fortinet's announcement that it has completed 40% to 50% of its planned firewall upgrade cycle. The higher-than-expected figure led to concern that many customers have already upgraded, limiting future revenue growth. Several analysts downgraded their ratings following the announcement.
Glossary
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Liquidated: Sold off an entire investment position, converting it to cash.
Exposure: The proportion of a portfolio invested in a particular asset, sector, or market.
Channel partner distribution model: A sales approach where products are sold through third-party partners rather than directly to customers.
Stake: The amount of ownership or shares held in a company or investment.
Quarterly average price: The average price of a security over a three-month reporting period.
Reportable U.S. equity assets: U.S. stock holdings that must be disclosed in regulatory filings.
TTM: The 12-month period ending with the most recent quarterly report.
Security subscriptions: Ongoing service contracts providing access to cybersecurity updates and support.
Centralized management: A system that allows control and monitoring of multiple devices or services from a single platform.
Endpoint protection: Security solutions designed to protect devices like computers and smartphones from cyber threats.
Threat mitigation: Actions or technologies used to reduce or prevent cybersecurity risks.
