Convergence Investment Partners LLC purchased a new position in shares of F5 Networks, Inc. (NASDAQ:FFIV) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 24,879 shares of the network technology company’s stock, valued at approximately $2,999,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new stake in F5 Networks in the 3rd quarter valued at $4,380,000. Stifel Financial Corp boosted its holdings in F5 Networks by 4.0% in the 3rd quarter. Stifel Financial Corp now owns 61,491 shares of the network technology company’s stock valued at $7,415,000 after purchasing an additional 2,380 shares during the period. Pinebridge Investments L.P. boosted its holdings in F5 Networks by 54.7% in the 3rd quarter. Pinebridge Investments L.P. now owns 28,051 shares of the network technology company’s stock valued at $3,382,000 after purchasing an additional 9,919 shares during the period. FDO Partners LLC bought a new stake in F5 Networks in the 3rd quarter valued at $1,013,000. Finally, OxFORD Asset Management LLP boosted its holdings in F5 Networks by 2.8% in the 3rd quarter. OxFORD Asset Management LLP now owns 67,975 shares of the network technology company’s stock valued at $8,270,000 after purchasing an additional 1,823 shares during the period. Institutional investors own 95.19% of the company’s stock.
In other news, COO Edward Julian Eames sold 15,489 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $120.84, for a total value of $1,871,690.76. Following the transaction, the chief operating officer now owns 21,587 shares of the company’s stock, valued at approximately $2,608,573.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Francois Locoh-Donou sold 1,714 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $119.87, for a total transaction of $205,457.18. Following the completion of the transaction, 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. Insiders sold a total of 35,712 shares of company stock valued at $4,316,345 in the last 90 days. Corporate insiders own 0.26% of the company’s stock.
A number of brokerages have weighed in on FFIV. Deutsche Bank reissued a “sell” rating and issued a $90.00 price target (down from $100.00) on shares of F5 Networks in a report on Tuesday, October 3rd. Robert W. Baird restated a “hold” rating and issued a $120.00 price objective on shares of F5 Networks in a research note on Thursday, October 26th. Cowen restated a “buy” rating and issued a $140.00 price objective on shares of F5 Networks in a research note on Friday, October 27th. BMO Capital Markets dropped their price objective on shares of F5 Networks from $124.00 to $122.00 and set a “market perform” rating for the company in a research note on Thursday, October 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of F5 Networks in a research note on Tuesday, September 12th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company. F5 Networks has a consensus rating of “Hold” and an average target price of $125.94.
Shares of F5 Networks, Inc. (FFIV) opened at $132.53 on Tuesday. The firm has a market cap of $8,420.00, a PE ratio of 20.51, a price-to-earnings-growth ratio of 2.11 and a beta of 1.06. F5 Networks, Inc. has a 1 year low of $114.63 and a 1 year high of $149.50.
F5 Networks (NASDAQ:FFIV) last posted its quarterly earnings data on Wednesday, October 25th. The network technology company reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.24. The firm had revenue of $538.00 million during the quarter, compared to analysts’ expectations of $534.71 million. F5 Networks had a net margin of 20.13% and a return on equity of 34.70%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.11 EPS. equities research analysts forecast that F5 Networks, Inc. will post 6.7 earnings per share for the current year.
F5 Networks declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the network technology company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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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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