F5 Networks (NASDAQ:FFIV) to Buyback $1.00 billion in Stock

F5 Networks (NASDAQ:FFIV) announced that its board has approved a share buyback program, which permits the company to repurchase $1.00 billion in outstanding shares on Wednesday, October 25th, EventVestor reports. This repurchase authorization permits the network technology company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

A number of research analysts have recently weighed in on FFIV shares. Piper Jaffray Companies downgraded F5 Networks from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $144.00 to $136.00 in a report on Friday, July 14th. Drexel Hamilton reiterated a “buy” rating and set a $160.00 price target on shares of F5 Networks in a report on Friday, July 21st. BidaskClub downgraded F5 Networks from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 25th. Robert W. Baird restated a “hold” rating on shares of F5 Networks in a research note on Thursday, July 27th. Finally, Citigroup Inc. downgraded F5 Networks to a “market perform” rating in a research note on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and three have given a buy rating to the stock. F5 Networks has an average rating of “Hold” and a consensus target price of $126.76.

Shares of F5 Networks (NASDAQ:FFIV) traded down $1.25 on Friday, reaching $119.71. 698,000 shares of the company’s stock traded hands, compared to its average volume of 790,829. The firm has a market capitalization of $7,571.31, a P/E ratio of 18.70, a P/E/G ratio of 1.92 and a beta of 1.01. F5 Networks has a 1-year low of $114.63 and a 1-year high of $149.50.

F5 Networks (NASDAQ:FFIV) last posted its earnings results on Wednesday, October 25th. The network technology company reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.24. F5 Networks had a net margin of 20.13% and a return on equity of 34.70%. The firm had revenue of $538.00 million for the quarter, compared to analysts’ expectations of $534.71 million. During the same quarter in the previous year, the firm posted $2.11 earnings per share. The company’s revenue was up 2.4% on a year-over-year basis. research analysts predict that F5 Networks will post 6.7 earnings per share for the current year.

In other F5 Networks news, CMO Benjamin Gibson sold 932 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $119.52, for a total transaction of $111,392.64. Following the sale, the chief marketing officer now owns 1,651 shares of the company’s stock, valued at $197,327.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Francois Locoh-Donou sold 1,714 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $119.87, for a total transaction of $205,457.18. Following the sale, the chief executive officer now directly owns 2,119 shares in the company, valued at approximately $254,004.53. The disclosure for this sale can be found here. In the last three months, insiders sold 23,485 shares of company stock worth $2,827,124. 0.26% of the stock is currently owned by insiders.

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About F5 Networks

F5 Networks, Inc is a developer and provider of software defined application services. The Company is engaged in the development, marketing and sale of application delivery networking products that optimize the security, performance and availability of network applications, servers and storage systems.

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