F5 Networks (FFIV) Rating Increased to Buy at Bank of America
F5 Networks (NASDAQ:FFIV) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat Ratings reports. The firm presently has a $157.00 price objective on the network technology company’s stock. Bank of America’s target price points to a potential upside of 15.29% from the company’s previous close.
FFIV has been the topic of several other reports. Deutsche Bank reaffirmed a “sell” rating and set a $90.00 target price (down from $100.00) on shares of F5 Networks in a research note on Tuesday, October 3rd. Robert W. Baird reaffirmed a “hold” rating and set a $120.00 target price on shares of F5 Networks in a research note on Thursday, October 26th. Cowen reaffirmed a “buy” rating and set a $140.00 target price on shares of F5 Networks in a research note on Friday, October 27th. BMO Capital Markets cut their target price on shares of F5 Networks from $124.00 to $122.00 and set a “market perform” rating on the stock in a research note on Thursday, October 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of F5 Networks in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $127.76.
Shares of F5 Networks (FFIV) traded down $0.94 on Friday, reaching $136.18. 845,497 shares of the company traded hands, compared to its average volume of 744,226. F5 Networks has a 1 year low of $114.63 and a 1 year high of $149.50. The stock has a market cap of $8,590.00, a P/E ratio of 20.92, a P/E/G ratio of 2.18 and a beta of 1.06.
F5 Networks (NASDAQ:FFIV) last announced its earnings results on Wednesday, October 25th. The network technology company reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.24. F5 Networks had a net margin of 20.13% and a return on equity of 34.70%. The firm had revenue of $538.00 million for the quarter, compared to the consensus estimate of $534.71 million. During the same period in the prior year, the firm earned $2.11 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. analysts anticipate that F5 Networks will post 6.7 EPS for the current year.
F5 Networks declared that its board has approved a share buyback plan on Wednesday, October 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the network technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CMO Benjamin Gibson sold 932 shares of the stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $119.52, for a total value of $111,392.64. Following the transaction, the chief marketing officer now directly owns 1,651 shares of the company’s stock, valued at approximately $197,327.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward Julian Eames sold 15,336 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $121.06, for a total transaction of $1,856,576.16. Following the completion of the transaction, the executive vice president now directly owns 43,824 shares in the company, valued at $5,305,333.44. The disclosure for this sale can be found here. Insiders sold a total of 35,712 shares of company stock worth $4,316,345 over the last ninety days. Insiders own 0.26% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FFIV. Acrospire Investment Management LLC grew its position in shares of F5 Networks by 100.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 800 shares of the network technology company’s stock valued at $102,000 after buying an additional 400 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of F5 Networks by 23.0% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 860 shares of the network technology company’s stock valued at $110,000 after buying an additional 161 shares during the last quarter. Zions Bancorporation grew its position in shares of F5 Networks by 16,733.3% in the 3rd quarter. Zions Bancorporation now owns 1,010 shares of the network technology company’s stock valued at $122,000 after buying an additional 1,004 shares during the last quarter. Institute for Wealth Management LLC. purchased a new position in shares of F5 Networks in the 2nd quarter valued at $234,000. Finally, Synovus Financial Corp boosted its stake in F5 Networks by 4.5% during the 2nd quarter. Synovus Financial Corp now owns 1,851 shares of the network technology company’s stock worth $241,000 after purchasing an additional 79 shares during the period. 94.66% of the stock is currently owned by hedge funds and other institutional investors.
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F5 Networks Company Profile
F5 Networks, Inc is a developer and provider of software defined application services. The Company is engaged in the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems.
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