Zacks Investment Research downgraded shares of A10 Networks (NYSE:ATEN) from a buy rating to a hold rating in a report published on Monday.
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. “
Separately, BidaskClub upgraded shares of A10 Networks from a sell rating to a hold rating in a research note on Saturday, September 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. A10 Networks has a consensus rating of Hold and a consensus price target of $9.13.
A10 Networks (NYSE:ATEN) last announced its quarterly earnings results on Thursday, October 26th. The communications equipment provider reported $0.03 EPS for the quarter, beating the 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 company had revenue of $61.40 million for the quarter, compared to analyst estimates of $59.46 million. The business’s revenue was up 11.4% compared to the same quarter last year. research analysts forecast that A10 Networks will post -0.21 earnings per share for the current fiscal year.
A10 Networks announced that its Board of Directors has approved a stock repurchase plan on Thursday, October 26th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the communications equipment provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, CEO Lee Chen sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $7.71, for a total transaction of $192,750.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Gunter Reiss sold 6,213 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $7.41, for a total transaction of $46,038.33. Following the transaction, the vice president now owns 103,429 shares in the company, valued at approximately $766,408.89. The disclosure for this sale can be found here. Insiders have sold 385,748 shares of company stock worth $2,946,617 in the last quarter. Company insiders own 31.57% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of ATEN. ETF Managers Group LLC acquired a new position in shares of A10 Networks during the second quarter valued at approximately $17,876,000. Divisar Capital Management LLC increased its stake in shares of A10 Networks by 28.5% during the second quarter. Divisar Capital Management LLC now owns 1,437,849 shares of the communications equipment provider’s stock valued at $12,135,000 after acquiring an additional 319,179 shares during the period. Citadel Advisors LLC increased its stake in shares of A10 Networks by 310.8% during the third quarter. Citadel Advisors LLC now owns 401,613 shares of the communications equipment provider’s stock valued at $3,036,000 after acquiring an additional 303,847 shares during the period. Vanguard Group Inc. increased its stake in shares of A10 Networks by 6.9% during the second quarter. Vanguard Group Inc. now owns 3,608,991 shares of the communications equipment provider’s stock valued at $30,461,000 after acquiring an additional 234,230 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of A10 Networks by 7.4% during the second quarter. Renaissance Technologies LLC now owns 2,385,600 shares of the communications equipment provider’s stock valued at $20,134,000 after acquiring an additional 164,900 shares during the period. Institutional investors and hedge funds own 57.80% of the company’s stock.
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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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