F5 Networks, Inc. (FFIV) - NASDAQ
  • Wed, Jul. 20, 4:26 PM
    • F5 Networks (NASDAQ:FFIV) is up 3.9% after hours following fiscal Q2 results where it beat on top and bottom lines and set an upbeat forecast for the upcoming quarter.
    • Net income overall fell on a GAAP basis, but rose on a per-share basis to $1.37. Non-GAAP net income rose slightly, to $121.7M ($1.81/share vs. a year-ago $1.67).
    • Revenue breakout: Products, $231.4M (down 7%); Services, $265.2M (up 12.9%).
    • The company has a revenue goal of $515M-$525M for fiscal Q4 (vs. consensus for $517.7M) and a goal for non-GAAP EPS of $1.92-$1.95 (vs. consensus for $1.92).
    • Conference call to come at 4:30 p.m.
    • Previously: Earnings ahead, RBC raises F5 Networks target price (Jul. 20 2016)
    • Press Release
    | Wed, Jul. 20, 4:26 PM
  • Wed, Jul. 20, 4:06 PM
    • F5 Networks (NASDAQ:FFIV): FQ3 EPS of $1.81 beats by $0.02.
    • Revenue of $496.5M (+2.7% Y/Y) beats by $1.21M.
    • Shares +1.5%.
    • Press Release
    | Wed, Jul. 20, 4:06 PM
  • Wed, Jul. 20, 3:27 PM
    • Ahead of earnings after today's close, F5 Networks (NASDAQ:FFIV) has seen a price-target hike from RBC Capital alongside more merger-related movement in the stock.
    • The company's stock rose sharply in early June after reports it was working with Goldman Sachs to test takeover interest. Shares rose 4.1% yesterday on chatter of a possible purchase by Thoma Bravo.
    • Shares are up mildly today (+0.1%) as investors await a likely beat. RBC raised its price target to $115 from $110, though with yesterday's movement shares are already at $120.76.
    • Capital IQ consensus sees the company reporting $1.79 in EPS on revenues of $495.7M.
    | Wed, Jul. 20, 3:27 PM
  • Tue, Jul. 19, 5:35 PM
  • Tue, Jun. 7, 3:42 PM
    • Reuters reports F5 Networks (FFIV +11.4%) is working with Goldman to reach out to field takeover interest. Shares have soared in response.
    • Update (3:49PM ET): Sources tell Reuters F5 has received "takeover approaches," and is working with Goldman to "decide on its next steps." Shares are up 12.1%.
    | Tue, Jun. 7, 3:42 PM | 4 Comments
  • Tue, May 17, 10:05 AM
    • F5 Networks (NASDAQ:FFIV) is off 1.8% as Pacific Crest downgrades shares to Sector Weight, with an eye on valuation after the stock rose 9.7% in the past month.
    • The firm has pulled its $109 price target. Shares today are quoting at $105.41.
    • Along with valuation, analyst Brent Bracelin noted the downgrade came due to a mix shift to subscription offerings, cloud pressures and the increasing prospect of M&A.
    • Risk/reward now looks balanced, he writes. "Our Sector Weight rating reflects our belief that the Shasta appliance refresh cycle will not drive a return to double-digit product growth, at least not for any quarter this year, and there is increasing execution risk with a higher probability of M&A within cloud security."
    • Now read F5 Networks: Can Growth Restart? »
    | Tue, May 17, 10:05 AM | 1 Comment
  • Wed, Apr. 20, 4:34 PM
    • F5 Networks (NASDAQ:FFIV) is up 2.9% after hours following a profit beat in its fiscal Q2, though revenues fell just short after growing 2.4%.
    • It also announced an additional $1B for its stock repurchase program, incremental to an unused $73.8M.
    • Patent litigation expense crimped GAAP net income to $75.4M, down from a year-ago $85.7M. On a non-GAAP basis, net income was $114M -- down slightly overall from $115.3M, but up to $1.68 per diluted share from the previous $1.59/share.
    • "Sales of our Better/Best software bundles, Virtual Editions, and Silverline subscription services all grew during the quarter as customers continued to embrace hybrid strategies and venture into public and private clouds," says CEO John McAdam.
    • The company's set a fiscal Q3 goal of $490M-$500M in revenue (vs. consensus of $502.7M) and a non-GAAP EPS target of $1.77-$1.80, above consensus for $1.74.
    • Press Release
    • Now read F5 Networks: Can Growth Restart? »
    | Wed, Apr. 20, 4:34 PM
  • Wed, Apr. 20, 4:09 PM
    • F5 Networks (NASDAQ:FFIV): FQ2 EPS of $1.68 beats by $0.05.
    • Revenue of $483.7M (+2.4% Y/Y) misses by $2.23M.
    • Shares +5%.
    • Press Release
    | Wed, Apr. 20, 4:09 PM
  • Tue, Apr. 19, 5:35 PM
  • Wed, Mar. 16, 10:11 AM
    • A Northern California jury has ruled F5 (FFIV -0.1%) willfully infringed smaller application delivery controller rival Radware's (RDWR +1.1%) '319 and '374 patents (USPTO filings: I, II). Both patents are related to the fielding of DNS queries.
    • Radware has been awarded $6.4M in damages - the company notes the court could treble damages due to the willful infringement finding, and that it could pursue an injunction against infringing F5 products. F5 has the right to appeal.
    | Wed, Mar. 16, 10:11 AM
  • Wed, Jan. 20, 4:09 PM
    • F5 Networks (NASDAQ:FFIV): FQ1 EPS of $1.73 beats by $0.13.
    • Revenue of $489.5M (+5.8% Y/Y) beats by $3.99M.
    • Expects FQ2 revenue of $480M-$490M and EPS of $1.61-$1.64, below a consensus of $499.5M and $1.68.
    • Shares +2.6% after hours.
    | Wed, Jan. 20, 4:09 PM | 1 Comment
  • Tue, Jan. 19, 5:35 PM
    | Tue, Jan. 19, 5:35 PM | 2 Comments
  • Fri, Jan. 15, 11:22 AM
    • Believing enterprise storage sales cycles are lengthening as companies mull cloud migrations and stating its application delivery controller (ADC) checks came back weak, Sterne Agee has downgraded F5 (FFIV -2.2%) to Neutral, and cut its target by $25 to $105.
    • Sterne: "[S]pecific F5 Networks/ADC data from our survey that continues to point to 1) a tepid market growth rate of 3-5% and 2) a moderate impact on the company's traditional ADC business ... We recognize sentiment is heavily depressed ahead of an upcoming product cycle but believe our data outlines several headwinds that will cap multiple expansion for the stock."
    • Yesterday, Barclays' Mark Moskowitz downgraded to Underweight, arguing cloud adoption is hurting F5's ADC sales, that its low-end hardware sales could be hurt by virtual (software-based) ADC adoption (ed: F5 is a major player in the virtual ADC market as well), and that the return on new security/services initiatives remains unknown.
    • Deutsche downgraded on Tuesday, while citing a longer-than-expected timeframe for security sales to ramp. Also downgrading in recent months: Nomura and William Blair/JMP.
    • Shares are lower, but not as much as the Nasdaq (down 3.1%). FQ1 results arrive on Wednesday afternoon.
    | Fri, Jan. 15, 11:22 AM
  • Tue, Jan. 12, 12:56 PM
    • Deutsche's Vijay Bhagvath is the fourth analyst to downgrade F5 (FFIV -1.8%) in the last two months: His rating for the application delivery controller/security hardware vendor has been cut to Hold, and his target lowered by $40 to $100.
    • Bhagvath sees a longer-than-expected timeline for F5's security sales to ramp via next-gen firewall, security analytics, and threat intelligence product launches, Mid-to-high single-digit total revenue growth is expected in 2016.
    • William Blair and JMP downgraded in November following F5's analyst day. Nomura downgraded in December, five days before F5 announced CEO Manny Rivelo has resigned due to personal conduct issues.
    • Shares go for 13x an FY16 (ends Sep. '16) EPS consensus of $7.02. They're about a dollar above a 52-week low of $90.81.
    | Tue, Jan. 12, 12:56 PM
  • Dec. 15, 2015, 2:13 PM
    • Markets are giving a thumbs-up to news recently-appointed F5 (NASDAQ:FFIV) CEO Manny Rivelo has resigned due to an undisclosed personal conduct issue, and will be replaced (for now at least) by long-time CEO John McAdam. The Nasdaq is up 1.3%.
    • "Management disruption increases the potential for F5 to seek a strategic buyer in 2016 concurrent with a search for a new CEO," writes Pac Crest's Brent Bracelin. RBC also thinks F5 could be an acquisition target, and notes the company has $1.2B in cash and no debt.
    • By contrast, William Blair's Jason Ader (downgraded in November following F5's analyst day) is worried "the number of recent executive departures is alarming and could be disruptive to the business" at some point in FY16 (ends Sep. '16). "Overall, we continue to view F5 as stuck in a catch-22 situation where shares will be penalized for either the pursuit of growth, which we believe requires greater investment to succeed (thus cutting into margins), or value (which will protect margins but hurt growth)."
    • Nomura's Jeff Kvaal sees the CEO change potentially disrupting FQ1 (calendar Q4). But he declares McAdam to be "the best candidate to propel F5 beyond this unexpected, and unfortunate, turn of events." F5 has reiterated its FQ1 guidance (issued on Oct. 28).
    | Dec. 15, 2015, 2:13 PM
  • Dec. 14, 2015, 4:28 PM
    • Manny Rivelo, named F5's (NASDAQ:FFIV) CEO only in April, has resigned "for matters regarding personal conduct unrelated to the operations or financials of the Company." He has also stepped down from the board. (PR)
    • John McAdam, who was F5's CEO for 15 years before Rivelo took over, has been reappointed as CEO, and will step down as chairman. Lead independent director Alan Higginson has been named non-executive chairman.
    • Higginson: "The Board believes John is best suited to lead the Company as F5 continues its evolution to expand our offerings and grow across our product suite." Nonetheless, the board "will undertake a formal search process" to identify a permanent CEO.
    | Dec. 14, 2015, 4:28 PM
Company Description
F5 Networks, Inc. engages in development of software-defined application services. The firm includes marketing and sale of application delivery networking products. The company was founded on February 15, 1996 and is headquartered in Seattle, WA.
Sector: Technology
Industry: Application Software
Country: United States