A10 Networks (NYSE:ATEN) Upgraded to “Buy” at Zacks Investment Research

A10 Networks (NYSE:ATEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage presently has a $8.00 price objective on the communications equipment provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.45% from the company’s previous close.

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. “

Separately, ValuEngine lowered A10 Networks from a “buy” rating to a “hold” rating in a research report on Tuesday.

NYSE ATEN traded down $0.11 during trading hours on Wednesday, reaching $6.99. The stock had a trading volume of 365,901 shares, compared to its average volume of 431,968. The company’s fifty day moving average is $7.11. The stock has a market cap of $546.08 million, a PE ratio of -31.77 and a beta of 0.70. A10 Networks has a 52-week low of $5.51 and a 52-week high of $8.29.

A10 Networks (NYSE:ATEN) last released its quarterly earnings data on Tuesday, July 30th. The communications equipment provider reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). A10 Networks had a negative return on equity of 16.42% and a negative net margin of 9.67%. The company had revenue of $49.20 million during the quarter, compared to analysts’ expectations of $53.06 million. The business’s revenue was down 18.9% on a year-over-year basis. As a group, equities research analysts forecast that A10 Networks will post -0.25 earnings per share for the current year.

In other A10 Networks news, CFO Thomas Constantino sold 15,492 shares of A10 Networks stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $6.98, for a total value of $108,134.16. Following the transaction, the chief financial officer now directly owns 210,816 shares in the company, valued at approximately $1,471,495.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 28.87% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in A10 Networks in the first quarter valued at about $3,503,000. Millennium Management LLC boosted its holdings in A10 Networks by 148.3% in the fourth quarter. Millennium Management LLC now owns 664,448 shares of the communications equipment provider’s stock valued at $4,146,000 after purchasing an additional 396,884 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in A10 Networks in the first quarter valued at about $1,987,000. Spark Investment Management LLC boosted its holdings in A10 Networks by 72.1% in the first quarter. Spark Investment Management LLC now owns 639,244 shares of the communications equipment provider’s stock valued at $4,532,000 after purchasing an additional 267,747 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in A10 Networks by 25.0% in the first quarter. Royce & Associates LP now owns 1,281,080 shares of the communications equipment provider’s stock valued at $9,083,000 after purchasing an additional 256,058 shares during the last quarter. 65.90% of the stock is owned by institutional investors.

About A10 Networks

A10 Networks, Inc provides software and hardware solutions in the United States, Japan, other Asia Pacific and EMEA countries, and internationally. The company offers Thunder application delivery controller (ADC) that provides advanced server load balancing; Lightning ADC, a cloud-native software-as-a-service platform to boost the delivery and security of applications and micro services; and Thunder carrier grade network address translation product, which offers network address and protocol translation services for service provider networks.

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