Johnston Asset Management LLC Sells 31,725 Shares of F5 Networks Inc. (FFIV)
Johnston Asset Management LLC cut its stake in shares of F5 Networks Inc. (NASDAQ:FFIV) by 10.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 261,535 shares of the network technology company’s stock after selling 31,725 shares during the period. F5 Networks comprises 1.5% of Johnston Asset Management LLC’s holdings, making the stock its 19th largest position. Johnston Asset Management LLC owned 0.40% of F5 Networks worth $29,773,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Bank of Montreal Can purchased a new stake in F5 Networks during the second quarter valued at about $118,505,000. State Street Corp increased its stake in F5 Networks by 11.9% in the first quarter. State Street Corp now owns 3,389,202 shares of the network technology company’s stock valued at $358,752,000 after buying an additional 359,112 shares during the period. Panagora Asset Management Inc. increased its stake in F5 Networks by 75.4% in the first quarter. Panagora Asset Management Inc. now owns 668,952 shares of the network technology company’s stock valued at $70,809,000 after buying an additional 287,664 shares during the period. Swedbank increased its stake in F5 Networks by 6.5% in the second quarter. Swedbank now owns 2,676,975 shares of the network technology company’s stock valued at $304,747,000 after buying an additional 163,523 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in F5 Networks by 51.3% in the first quarter. Riverhead Capital Management LLC now owns 300,095 shares of the network technology company’s stock valued at $31,765,000 after buying an additional 101,774 shares during the period. Institutional investors and hedge funds own 94.78% of the company’s stock.
F5 Networks Inc. (NASDAQ:FFIV) traded down 0.21% during trading on Monday, hitting $124.38. The stock had a trading volume of 400,644 shares. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 24.31 and a beta of 1.96. The company has a 50-day moving average price of $122.05 and a 200-day moving average price of $113.47. F5 Networks Inc. has a 52-week low of $86.03 and a 52-week high of $127.13.
F5 Networks (NASDAQ:FFIV) last announced its quarterly earnings data on Wednesday, July 20th. The network technology company reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.79 by $0.02. F5 Networks had a net margin of 17.96% and a return on equity of 29.95%. The company earned $496.50 million during the quarter, compared to analyst estimates of $495.48 million. During the same period in the previous year, the business earned $1.67 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities research analysts forecast that F5 Networks Inc. will post $7.14 EPS for the current year.
FFIV has been the subject of several recent research reports. Nomura downgraded F5 Networks to a “sell” rating and set a $90.00 price target for the company. in a research note on Tuesday, July 19th. Wells Fargo & Co. initiated coverage on F5 Networks in a research note on Monday, June 27th. They issued a “buy” rating for the company. Credit Suisse Group AG boosted their price target on F5 Networks from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, July 13th. DA Davidson lifted their price objective on F5 Networks from $125.34 to $145.00 and gave the company a “buy” rating in a report on Friday, August 12th. Finally, Royal Bank Of Canada lifted their price objective on F5 Networks from $110.00 to $115.00 and gave the company a “sector perform” rating in a report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $116.01.
In related news, insider John Mcadam sold 7,169 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $126.11, for a total value of $904,082.59. Following the completion of the transaction, the insider now directly owns 33,682 shares in the company, valued at approximately $4,247,637.02. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Reinland sold 5,674 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $122.94, for a total transaction of $697,561.56. Following the completion of the transaction, the chief financial officer now owns 16,935 shares of the company’s stock, valued at $2,081,988.90. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.
F5 Networks Company Profile
F5 Networks, Inc is the developer and provider of application delivery services. The Company’s core technology is a full-proxy, programmable, software platform called TMOS (Traffic Management Operating System). It helps organizations seamlessly scale cloud, data center, and software-defined networking deployments to successfully deliver applications to anyone, anywhere, at any time.
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