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FFIV

F5 Networks, Inc.

6/19/2013, 6:40 PM ET

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Monday, June 3, 9:48 AM 13 months after launching coverage with an Overweight and $155 PT, Morgan Stanley downgrades F5 (FFIV -4.4%) to Equal Weight, sending shares below $80. The firm cites valuation, a maturing application delivery controller (ADC) market, relatively little exposure to virtual (software-based) ADCs, Amazon Web Services, and mobile. On Friday, UBS estimated F5 lost 500 bps of ADC share on a Y/Y basis in Q1. 1 Comment [Tech, On the Move]
Friday, May 31, 7:08 PM F5's (FFIV) application delivery controller (ADC) share fell to 43% in Q1 from 48% a year earlier, and Citrix's (CTXS) rose to 25% from 16%, estimates UBS after going over calendar Q1 results and industry data from Dell'Oro. Citrix has been leveraging its new partnership with Cisco to gain ADC share; F5 is counting on a pending mid-range refresh to strengthen its hand. Meanwhile, Riverbed (RVBD) is believed to have seen its share of the WAN optimization hardware market fall to 40% from 43%, as F5 grew its share to 7%. Cisco (CSCO) is estimated to have a 19%-20% WAN optimization share, and a 23% security hardware share. Comment! [Tech]
Thursday, May 16, 9:15 AM A few Cisco rivals and suppliers are up premarket after the networking giant beat estimates while reporting strong data center switch/server sales and service provider orders (albeit while cautioning the SP capex environment remains tough). Some others might move higher following the open. JNPR +3.6%. FFIV +3.2%. CIEN +3.9%. EZCH +1.2% - Cisco mentioned on its earnings call sales of its ASR 9000 edge routers, which EZchip supplies network processors for, were up 40%+ Y/Y. 2 Comments [Tech, On the Move]
Tuesday, April 30, 7:11 PM Leveraging the Vyatta acquisition and its investments in its VCS networking fabric tech, Brocade (BRCD) is rolling out new hardware and software meant to enable more efficient networking resource use and advance its software-defined networking (SDN) vision. Among them are a software-based router and application delivery controller (the latter competes with FFIV) that can run on commodity hardware, new Ethernet hardware modules for data centers and carrier networks, and a VCS plugin for the OpenStack cloud infrastructure platform. Nautrally, Cisco and Juniper aren't standing still either. (PRs: I, II) (Network World) Comment! [Tech]
Thursday, April 25, 11:05 AM Light FQ3 guidance isn't stopping F5 (FFIV +5%) from rallying in the wake of its FQ2 report; expectations were depressed thanks to the April 4 warning. On F5's earnings call, management insisted enterprise demand is healthy ahead of a mid-range application delivery controller (ADC) refresh and an update to F5's TMOS OS, even as U.S. telco and federal demand remains weak. Strong momentum was also claimed for F5's firewall and 4G infrastructure offerings. Nomura has upgraded shares to Buy, arguing "the market may be overstating the competitive risks to F5" from Citrix (CTXS - previous). Up in sympathy: RDWR +4%. RVBD +4.8%. Comment! [Tech, Earnings, On the Move]
Wednesday, April 24, 4:55 PM Tech guidance roundup: 1) Equinix (EQIX - earnings) expects Q2 revenue of $530M-$534M, below a consensus of $534.7M. 2013 revenue is expected to be greater than $2.2B vs. a consensus of $2.22B. 2) F5 (FFIV - earnings) expects FQ3 revenue of $355M-$365M and EPS of $1.06-$1.09, below a consensus of $369.7M and $1.06-$1.09. A new $200M stock buyback has been authorized. 3) Citrix (CTXS - earnings) expects Q2 revenue of $705M-$715M and EPS of $0.62-$0.63 vs. a consensus of $711.5M and $0.70. 2013 guidance is for revenue of $2.95B-$2.98B and EPS of $3.08-$3.11 vs. a consensus of $2.97B and $3.14. EQIX -11.5% AH. FFIV -0.4%. CTXS -9.9%. 1 Comment [Tech, Earnings, On the Move]
Wednesday, April 24, 4:07 PM F5 Networks (FFIV): FQ3 EPS of $1.07 beats by $0.01. Revenue of $350.2M misses by $1.57M. Shares -3.6% AH. (PR) Comment! [Earnings, Breaking News, Tech, On the Move]
Wednesday, April 24, 12:10 AM Notable earnings after Wednesday’s close: AFL, AIZ, AKAM, ANGI, ARII, ARRS, ASGN, AVG, BAS, BDN, CAKE, CCI, CDNS, CLF, CLGX, CMO, CMRE, COG, CROX, CTXS, DRE, DRWI, EFX, EQIX, FFIV, FIO, FLS, GGG, INFN, ISIL, ITMN, JAH, KEX, LOGI, LPS, LRCX, LSI, MLNX, NEU, NOW, OIS, ORLY, OTEX, PDH, PMTC, QCOM, RJF, RYL, SCI, SKX, SRCL, SUSQ, SYK, TAL, TER, TEX, TQNT, TSCO, TWI, VAR, WCN, WDC, WLL, XLNX, XNPT, ZNGA 1 Comment [Earnings]
Tuesday, April 23, 5:35 PM Notable earnings after Wednesday’s close: AFL, AIZ, AKAM, ANGI, ARII, ARRS, ASGN, AVG, BAS, BDN, CAKE, CCI, CDNS, CLF, CLGX, CMO, CMRE, COG, CROX, CTXS, DRE, DRWI, EFX, EQIX, FFIV, FIO, FLS, GGG, INFN, ISIL, ITMN, JAH, KEX, LOGI, LPS, LRCX, LSI, MLNX, NEU, NOW, OIS, ORLY, OTEX, PDH, PMTC, QCOM, RJF, RYL, SCI, SKX, SRCL, SUSQ, SYK, TAL, TER, TEX, TQNT, TSCO, TWI, VAR, WCN, WDC, WLL, XLNX, XNPT, ZNGA Comment! [Earnings]
Monday, April 15, 5:42 PM Netgear (NTGR) -3.8% AH after resuming trading in the wake of its Q1 warning; shares are now about $1 above their 52-week low of $28.68. A couple of peers are down slightly in AH trading: FFIV -0.7%. ARUN -0.9%. Comment! [Tech, On the Move]
Friday, April 5, 1:19 PM Though Lazard is staying upbeat, four firms have downgraded F5 (FFIV -17.9%) following its FQ3 warning. William Blair, which has cut shares to Market Perform, argues a saturating ADC market and competition is taking a toll, and Mizuho believes price pressure is growing. Nomura, reiterating a Neutral, thinks execution and product transition issues are to blame, but not competition. The firm notes recently-announced ADCs sport telco-specific features - F5 mentioned telco demand was especially weak. Analyst commentary was much more upbeat not too long ago. Comment! [Tech]
Friday, April 5, 9:10 AM Premarket gainers: XIDE +31%. NIHD +10%. NVAX +5%.
Losers: RIGL -36%. FFIV -18%. RDWR -18%. JNPR -7%. CBMX -5%. Comment! [On the Move]
Friday, April 5, 8:24 AM Lazard cuts its price target on F5 (FFIV) to $100 from $115 following yesterday's AH Q2 warning. The related commentary was somewhat upbeat however as analyst Ryan Hutchison says the profit warning wasn't "company-specific" and notes F5 should benefit from "several meaningful tailwinds" including a "major product refresh and Cisco's (CSCO) exit from the market." Nonetheless, shares are -17% premarket. Comment! [Tech, On the Move]
Thursday, April 4, 4:38 PM F5 (FFIV) resumes trading and is currently at $75.85, down 16.1% AH in response to its FQ2 warning, which (in the wake of Oracle's results) is bound to heighten concerns about U.S./European enterprise IT demand. Rivals and peers are off in sympathy: CSCO -2.3%. RVBD -3.7% CTXS -3.7%. JNPR -5.1%. VMW -2.2%. EMC -0.9%. RHT -1.7%. Comment! [Tech, On the Move]
Thursday, April 4, 4:11 PM F5 (FFIV) warns it expects to report FQ2 (March quarter) revenue of $350.2M and EPS of $1.06-$1.07, below a consensus of $375.8M and $1.23. The company blames "a slowdown in North American and to a lesser extent EMEA sales." Telco bookings fell sharply both Q/Q and Y/Y, and U.S. federal bookings were "down significantly" Y/Y. Shares are halted. F5 had received a lot of favorable sell-side commentary in recent weeks. (PR) 1 Comment [Tech, Earnings, On the Move, Breaking News]
Wednesday, April 3, 10:53 AM The sell-side continues to turn more positive on F5 (FFIV +2.2%): Craig-Hallum has launched coverage with a Buy and $110 PT today, helping shares rally above $90 in the process. Baird upgraded F5 yesterday, and McAdams Wright a week ago. Comment! [Tech, On the Move]

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