Founder, BWS Financial Inc

Hamed Khorsand

Founder

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BWS Financial Inc

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Equity Bottom-Up

<ul type="disc"><li>
A10 Networks (ATEN) is benefiting from increased attention on network security. An increase in data traffic only intensifies the need for security, which is where ATEN is likely to win more customers. ATEN reported second quarter revenue growing by 12.7 percent from the year ago period even though a bigger portion of revenue is recurring.</li></ul> <ul type="disc"><li>ATEN generated $59.2 million in revenue in the second quarter, up from $52.5 million in the year ago period. We had been expecting revenue of $58.2 million.</li></ul> <ul type="disc"><li>The Company introduced cloud solutions and has been ramping sales of these solutions this year. Software remains a minority portion of revenue. The Company has been maintaining subdued revenue growth expectations this year as a result of the transition away from hardware.</li></ul> <ul type="disc"><li>Leverage in the operating model coupled with growth in revenue for the remainder of the year is poised to point ATEN on a trajectory to post non-GAAP EPS of $0.70 in 2022.</li></ul> <ul type="disc"><li>Our price target is now $17 from $13.50.</li></ul>


A10 Networks (ATEN) is benefiting from increased attention on network security. An increase in data traffic only intensifies the need for security, which is where ATEN is likely to win more customers. ATEN reported second quarter revenue growing by 12.7 percent from the year ago period even though a bigger portion of revenue is recurring. ATEN generated $59.2 million in revenue in the second quarter, up from $52.5 million in the year ago period. We had been expecting revenue of $58.2 million. The Company introduced cloud solutions and has been ramping sales of these solutions this year. Software remains a minority portion of revenue. The Company has been maintaining subdued revenue growth expectations this year as a result of the transition away from hardware. Leverage in the operating model coupled with growth in revenue for the remainder of the year is poised to point ATEN on a trajectory to post non-GAAP EPS of $0.70 in 2022. Our price target is now $17 from $13.50.

United States

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

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A10 Networks (ATEN US)

ATEN: Momentum in Growth, PT to $17

Strong free cash flow generation from a stock that is valued as a hardware story even though it is clearly software with deferred revenue growing...

BWS Financial Inc

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