David Hernandez
Long/short equity, medium-term horizon, growth at reasonable price, ETF investing

Radware Has A Spending Problem

Radware Ltd. (NASDAQ:RDWR) is a provider of application delivery controllers or ADCs. ADCs are used to manage and direct where data will be processed in order to optimize network usage. The ADC market is mature and has been growing in the single digits. Yet, Radware has been able to outpace the industry's slow growth. From 2009-2013, revenue grew at a CAGR of 15.4%. However, the company's growth rate has been slowing. In 2010, revenue growth was 32.3% but in 2013 revenue growth slowed to 2.0%. Although, Radware has been able to increase revenue growth in 2014 to 13.2%. The company's revenue growth has recovered in 2014 due to its security solutions. Management has invested and acquired several security...

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