F5 Networks Receives Outperform Rating from Pacific Crest (FFIV)
F5 Networks (NASDAQ:FFIV)‘s stock had its “outperform” rating reaffirmed by research analysts at Pacific Crest in a report released on Tuesday, ARN reports. They currently have a $120.00 price target on the stock, up from their previous price target of $110.00. Pacific Crest’s price target would suggest a potential upside of 40.92% from the company’s current price.
The analysts wrote, “Overall enterprise spending has been mixed, as seen by demand shortfalls at Citrix, Teradata, Red Hat, and IBM. However, positive reseller feedback on F5′s new family of appliances gives us confidence that it should exceed our revenue estimate of $384 million. This would imply growth would accelerate to at least 6% in 4Q13 from 4% over the past six months. As government spending has become more volatile, F5 has guided revenue for the December to be flat to +2% sequentially, with the typical enterprise budget flush offset by a meaningful decline in federal spending. For example, federal has declined by 42% and 50% sequentially in each of the past two December quarters. We would not be surprised if, once again, F5 provides a conservative outlook of flat to +2% sequential growth, implying guidance of $384 million to $392 million.”
Shares of F5 Networks (NASDAQ:FFIV) traded down 1.34% during mid-day trading on Tuesday, hitting $85.152. 6,636,475 shares of the company’s stock traded hands. F5 Networks has a 52-week low of $67.53 and a 52-week high of $111.58. The stock’s 50-day moving average is $87. and its 200-day moving average is $82.03. The company has a market cap of $6.668 billion and a P/E ratio of 25.46. F5 Networks also was the target of some unusual options trading activity on Wednesday. Stock investors acquired 26,213 call options on the stock. This is an increase of approximately 496% compared to the average volume of 4,395 call options.
F5 Networks (NASDAQ:FFIV) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $1.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.19 by $0.07. The company had revenue of $395.30 million for the quarter, compared to the consensus estimate of $384.64 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. Analysts expect that F5 Networks will post $4.52 EPS for the current fiscal year.
A number of other firms have also recently commented on FFIV. Analysts at Cantor Fitzgerald reiterated a “buy” rating on shares of F5 Networks in a research note to investors on Tuesday, October 15th. They now have a $110.00 price target on the stock. Separately, analysts at Northland Securities cut their price target on shares of F5 Networks from $388.70 to $384.60 in a research note to investors on Tuesday, October 15th. They now have a “hold” rating on the stock. Finally, analysts at Goldman Sachs Group Inc. downgraded shares of F5 Networks from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday, September 24th. They now have a $93.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $106.43.
F5 Networks, Inc is a provider of Application Delivery Networking (NASDAQ:FFIV) technology that secures and optimizes the delivery of network-based applications and the security, performance and availability of servers, and other network resources.
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