Zacks Investment Research cut shares of A10 Networks (NYSE:ATEN) from a hold rating to a sell rating in a research report sent to investors on Friday, January 19th.
According to Zacks, “A10 Networks, Inc. provides software based application networking solutions. Its solutions enable enterprises, service providers, Web giants, and government organizations to enhance, secure, and optimize the performance of their data center applications and networks. The company delivers its solutions on optimized hardware appliances and as virtual appliances across its Thunder Series and AX Series product families. A10 Networks, Inc. is headquartered in San Jose, California. “
Several other research analysts have also recently weighed in on the stock. DA Davidson set a $8.00 price target on shares of A10 Networks and gave the stock a buy rating in a research note on Wednesday, January 17th. BidaskClub upgraded shares of A10 Networks from a sell rating to a hold rating in a research report on Saturday, September 30th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. A10 Networks presently has an average rating of Hold and an average price target of $8.33.
Shares of A10 Networks (ATEN) traded down $0.05 during mid-day trading on Friday, reaching $6.00. 368,325 shares of the company traded hands, compared to its average volume of 761,401. The stock has a market capitalization of $424.51, a PE ratio of -25.00 and a beta of 0.80. A10 Networks has a 52 week low of $5.70 and a 52 week high of $9.94.
A10 Networks announced that its Board of Directors has approved a stock buyback plan on Thursday, October 26th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other A10 Networks news, CEO Lee Chen sold 25,000 shares of A10 Networks stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $8.07, for a total value of $201,750.00. Following the sale, the chief executive officer now directly owns 10,136,538 shares in the company, valued at approximately $81,801,861.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 250,000 shares of company stock worth $1,936,000 over the last 90 days. Insiders own 31.57% of the company’s stock.
Several institutional investors have recently bought and sold shares of ATEN. Schwab Charles Investment Management Inc. increased its holdings in shares of A10 Networks by 16.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 169,320 shares of the communications equipment provider’s stock worth $1,430,000 after buying an additional 24,074 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of A10 Networks by 13.3% in the 2nd quarter. Rhumbline Advisers now owns 53,844 shares of the communications equipment provider’s stock worth $454,000 after buying an additional 6,316 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of A10 Networks by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 216,671 shares of the communications equipment provider’s stock worth $1,829,000 after purchasing an additional 6,708 shares during the period. Prudential Financial Inc. purchased a new position in shares of A10 Networks during the 2nd quarter worth about $228,000. Finally, Alliancebernstein L.P. boosted its stake in shares of A10 Networks by 22.5% during the 2nd quarter. Alliancebernstein L.P. now owns 41,400 shares of the communications equipment provider’s stock worth $349,000 after purchasing an additional 7,600 shares during the period. Hedge funds and other institutional investors own 58.70% of the company’s stock.
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About A10 Networks
A10 Networks, Inc is a provider of software and hardware solutions. The Company’s solutions enable its customers to secure and optimize the performance of their data center and cloud applications, and secure their users, applications and infrastructure from Internet, Web and network threats at scale.
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