A10 Networks (NYSE:ATEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
ATEN has been the topic of several other research reports. BidaskClub raised shares of A10 Networks from a “sell” rating to a “hold” rating in a research report 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 report 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 company currently has a consensus rating of “Hold” and an average price target of $8.88.
Shares of A10 Networks (ATEN) traded up $0.13 during midday trading on Friday, reaching $6.45. 4,182,500 shares of the company traded hands, compared to its average volume of 857,917. A10 Networks has a twelve month low of $5.83 and a twelve month high of $9.94. The company has a market cap of $465.54, a PE ratio of -26.88 and a beta of 1.14.
A10 Networks (NYSE:ATEN) last announced its quarterly earnings results on Thursday, October 26th. The communications equipment provider reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 business had revenue of $61.40 million for the quarter, compared to analysts’ expectations of $59.46 million. The company’s revenue was up 11.4% on a year-over-year basis. research analysts anticipate that A10 Networks will post -0.21 EPS for the current fiscal year.
A10 Networks declared that its board has approved a stock buyback 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 reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other A10 Networks news, Director Alan S. Henricks sold 22,590 shares of A10 Networks 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 transaction, the director now owns 41,981 shares of the company’s stock, valued at approximately $308,140.54. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lee Chen sold 25,000 shares of A10 Networks stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $8.11, for a total transaction of $202,750.00. Following the transaction, the chief executive officer now directly owns 10,111,538 shares in the company, valued at approximately $82,004,573.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 353,803 shares of company stock worth $2,702,849. Insiders own 31.57% of the company’s stock.
Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of A10 Networks by 6.9% during the 2nd quarter. Vanguard Group Inc. now owns 3,608,991 shares of the communications equipment provider’s stock worth $30,461,000 after buying an additional 234,230 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of A10 Networks by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 2,385,600 shares of the communications equipment provider’s stock worth $20,134,000 after purchasing an additional 164,900 shares during the period. ETF Managers Group LLC bought a new stake in shares of A10 Networks in the 2nd quarter worth approximately $17,876,000. Divisar Capital Management LLC raised its holdings in shares of A10 Networks by 28.5% in the 2nd quarter. Divisar Capital Management LLC now owns 1,437,849 shares of the communications equipment provider’s stock worth $12,135,000 after purchasing an additional 319,179 shares during the period. Finally, State Street Corp raised its holdings in shares of A10 Networks by 4.1% in the 2nd quarter. State Street Corp now owns 911,240 shares of the communications equipment provider’s stock worth $7,693,000 after purchasing an additional 36,263 shares during the period. 57.80% of the stock is currently owned by hedge funds and other institutional investors.
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About A10 Networks
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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