A10 Networks, Inc. (ATEN) Upgraded to Hold at Zacks Investment Research

A10 Networks, Inc. (NYSE:ATEN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday, October 17th. The firm presently has a $8.50 target price on the communications equipment provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.18% from the company’s previous close.

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. “

A number of other equities research analysts have also weighed in on ATEN. Bank of America Corporation reduced their price objective on shares of A10 Networks from $10.00 to $8.50 and set a “buy” rating on the stock in a report on Friday, July 14th. DA Davidson lifted their target price on shares of A10 Networks to $9.00 and gave the company a “buy” rating in a report on Friday, July 14th. BidaskClub upgraded shares of A10 Networks from a “sell” rating to a “hold” rating in a research note on Saturday, September 30th. KeyCorp cut shares of A10 Networks from an “overweight” rating to a “sector weight” rating in a research note on Friday, July 14th. Finally, ValuEngine cut shares of A10 Networks from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. A10 Networks currently has a consensus rating of “Hold” and an average price target of $9.13.

Shares of A10 Networks (NYSE:ATEN) traded down $0.01 on Tuesday, reaching $7.40. 214,911 shares of the company were exchanged, compared to its average volume of 543,121. A10 Networks has a 12-month low of $6.02 and a 12-month high of $9.94.

A10 Networks (NYSE:ATEN) last posted its earnings results on Thursday, October 26th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. A10 Networks had a negative net margin of 6.94% and a negative return on equity of 17.63%. The company had revenue of $61.40 million during the quarter, compared to the consensus estimate of $59.46 million. A10 Networks’s quarterly revenue was up 11.4% compared to the same quarter last year. equities analysts forecast that A10 Networks will post -0.21 earnings per share for the current fiscal year.

A10 Networks declared that its board has approved a share repurchase program on Thursday, October 26th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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In related news, CEO Lee Chen sold 25,000 shares of the stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $7.73, for a total value of $193,250.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alan S. Henricks sold 22,590 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $7.34, for a total transaction of $165,810.60. Following the sale, the director now directly owns 41,981 shares of the company’s stock, valued at $308,140.54. The disclosure for this sale can be found here. Over the last three months, insiders have sold 404,736 shares of company stock worth $2,810,529. Corporate insiders own 34.05% of the company’s stock.

Several institutional investors have recently made changes to their positions in ATEN. Gotham Asset Management LLC bought a new position in A10 Networks in the first quarter worth $103,000. Tudor Investment Corp ET AL lifted its holdings in shares of A10 Networks by 74.5% during the first quarter. Tudor Investment Corp ET AL now owns 45,900 shares of the communications equipment provider’s stock valued at $420,000 after acquiring an additional 19,590 shares during the period. Highbridge Capital Management LLC raised its holdings in shares of A10 Networks by 124.6% in the first quarter. Highbridge Capital Management LLC now owns 55,888 shares of the communications equipment provider’s stock valued at $512,000 after buying an additional 31,000 shares during the last quarter. US Bancorp DE raised its holdings in shares of A10 Networks by 618.0% in the first quarter. US Bancorp DE now owns 15,939 shares of the communications equipment provider’s stock valued at $146,000 after buying an additional 13,719 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of A10 Networks by 2.6% in the first quarter. Renaissance Technologies LLC now owns 2,220,700 shares of the communications equipment provider’s stock valued at $20,319,000 after buying an additional 56,300 shares during the last quarter. Institutional investors and hedge funds own 55.55% of the company’s stock.

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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