A10 Networks (NYSE:ATEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
According to Zacks, “A10 Networks, Inc. provides software based application networking solutions. Its solutions enable enterprises, service providers, Web giants, and government organizations to enhance, secure, and optimize the performance of their data center applications and networks. The company delivers its solutions on optimized hardware appliances and as virtual appliances across its Thunder Series and AX Series product families. A10 Networks, Inc. is headquartered in San Jose, California. “
Other research analysts have also issued research reports about the stock. BidaskClub upgraded shares of A10 Networks from a “sell” rating to a “hold” rating in a research note on Saturday, September 30th. DA Davidson set a $8.00 price target on shares of A10 Networks and gave the company a “buy” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $8.88.
A10 Networks (NYSE:ATEN) last released its quarterly earnings data on Thursday, October 26th. The communications equipment provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.04. The company had revenue of $61.40 million for the quarter, compared to analyst estimates of $59.46 million. A10 Networks had a negative net margin of 6.94% and a negative return on equity of 17.63%. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. equities research analysts predict that A10 Networks will post -0.21 EPS for the current year.
A10 Networks announced that its Board of Directors has authorized a share buyback program on Thursday, October 26th that permits the company to buyback 20,000,000 shares. This buyback authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In other news, Director Alan S. Henricks sold 22,590 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $7.34, for a total transaction of $165,810.60. Following the completion of the sale, the director now owns 41,981 shares of the company’s stock, valued at approximately $308,140.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lee Chen sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $7.38, for a total transaction of $184,500.00. Following the sale, the chief executive officer now directly owns 10,211,538 shares of the company’s stock, valued at approximately $75,361,150.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 353,803 shares of company stock valued at $2,702,849. 31.57% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Stoneridge Investment Partners LLC bought a new position in A10 Networks in the 3rd quarter valued at approximately $109,000. Acadian Asset Management LLC bought a new position in A10 Networks in the 4th quarter valued at approximately $147,000. Voya Investment Management LLC lifted its stake in A10 Networks by 21.2% in the 2nd quarter. Voya Investment Management LLC now owns 22,826 shares of the communications equipment provider’s stock valued at $193,000 after purchasing an additional 3,994 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in A10 Networks by 59.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 24,450 shares of the communications equipment provider’s stock valued at $206,000 after purchasing an additional 9,154 shares during the last quarter. Finally, Prudential Financial Inc. bought a new position in A10 Networks in the 2nd quarter valued at approximately $228,000. 57.80% of the stock is owned by institutional investors and hedge funds.
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A10 Networks Company Profile
A10 Networks, Inc is a provider of software and hardware solutions. The Company’s solutions enable its customers to secure and optimize the performance of their data center and cloud applications, and secure their users, applications and infrastructure from Internet, Web and network threats at scale.
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