Story updated at 9:50 a.m. to reflect market activity.
Shares of F5 Networks gained 0.2% to $125.33 in morning trading.
The analyst firm also raised its EPS estimates for the business applications company through 2015. Pacific Crest now expects the company to report earnings of $5.36 a share for full year 2014, up from its previous estimate of $5.35 a share. The firm estimates F5 Networks will report earnings of $6.34 a share for 2015, up from its previous estimate of $6.30 a share.
"Reseller feedback suggests F5 is benefiting into the year end from a seasonally strong Federal and Enterprise rebound and an expanding partner ecosystem driven by Cisco and VMware," analyst Brent Bracelin wrote.
Separately, TheStreet Ratings team rates F5 NETWORKS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate F5 NETWORKS INC (FFIV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and good cash flow from operations. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."