Shares of F5 Networks (FFIV) jumped Tuesday after the company reported third-quarter earnings better than Wall Street estimates and analysts praised the quarter in bullish notes.
Analysts at Piper Sandler maintained their overweight rating on the stock while raising their price target to $236 from $223. They called the company's third quarter "impressive" and driven by "very strong" lead metrics.
The firm said it sees fourth-quarter guidance as conservative, as it is currently only 1% above consensus estimates. Piper Sandler expects momentum to continue into fiscal 2022.
Evercore analyst Amit Daryanani maintained an in-line rating while raising the stock's price target to $215 from $210. The company's fourth-quarter outlook is "largely ahead of street expectation" but the firm still has questions about the sustainability of the firm's hardware unit trajectory.
Jefferies analyst George C Notter maintained a hold rating while raising his price target to $200 from $185 a share. The firm modestly increased its fiscal 2021 and 2022 top- and bottom-line growth estimates.
RBC analyst Matthew Hedberg maintained a sector perform rating while raising his price target to $215 from $200 after the company improved execution in a third quarter that included no supply chain headwinds.
"Customers’ traditional applications are generating more revenue and more engagement than ever before," said CEO François Locoh-Donou. "At the same time, customers also are accelerating adoption of modern application architectures, like Kubernetes, for new applications."
F5 Networks jumped 9.5% to $210.93 on Tuesday after releasing its quarterly results after the closing bell on Monday.