Connor Clark & Lunn Investment Management Ltd. Has $17.15 Million Position in Radware Ltd. (NASDAQ:RDWR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Radware Ltd. by 9.0%, owning 793,184 shares valued at $17.15 million as of the latest SEC filing.
• Radware's quarterly earnings exceeded expectations, reporting $0.28 EPS against an estimated $0.26, and a revenue of $74.22 million, marking a 10.3% increase from the previous year.
• Analysts are optimistic about Radware, with a current average rating of "Moderate Buy" and an average target price of $32.50, reflecting positive sentiment towards the stock's future performance.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Radware Ltd. (NASDAQ:RDWR - Free Report) by 9.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 793,184 shares of the information technology services provider's stock after purchasing an additional 65,479 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.86% of Radware worth $17,149,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Covestor Ltd acquired a new stake in Radware during the fourth quarter worth about $28,000. Balyasny Asset Management L.P. bought a new stake in shares of Radware during the fourth quarter worth $227,000. Graham Capital Management L.P. bought a new position in shares of Radware in the fourth quarter worth about $236,000. Two Sigma Securities LLC raised its position in Radware by 16.6% in the 4th quarter. Two Sigma Securities LLC now owns 10,867 shares of the information technology services provider's stock worth $245,000 after purchasing an additional 1,545 shares during the last quarter. Finally, Bank of Montreal Can grew its position in shares of Radware by 10.1% during the 4th quarter. Bank of Montreal Can now owns 11,007 shares of the information technology services provider's stock worth $248,000 after buying an additional 1,007 shares during the period. Institutional investors own 73.12% of the company's stock.

Radware Price Performance

RDWR stock traded down $0.61 during midday trading on Thursday, hitting $24.24. The company's stock had a trading volume of 110,248 shares, compared to its average volume of 210,654. The company's fifty day moving average price is $27.45 and its 200 day moving average price is $24.19. Radware Ltd. has a twelve month low of $18.46 and a twelve month high of $31.57. The stock has a market capitalization of $1.03 billion, a P/E ratio of 75.75 and a beta of 0.97.

Radware (NASDAQ:RDWR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The information technology services provider reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. Radware had a net margin of 4.90% and a return on equity of 6.11%. The company had revenue of $74.22 million during the quarter, compared to the consensus estimate of $73.42 million. During the same quarter last year, the firm posted $0.20 EPS. The company's quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts expect that Radware Ltd. will post 0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDWR has been the topic of several analyst reports. Barclays reissued an "overweight" rating and issued a $35.00 target price (up previously from $30.00) on shares of Radware in a research note on Thursday, July 31st. Jefferies Financial Group boosted their price target on shares of Radware from $25.00 to $30.00 and gave the company a "hold" rating in a report on Thursday, July 24th. Finally, Wolfe Research initiated coverage on shares of Radware in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $32.50.

Radware Profile

Radware Ltd., together with its subsidiaries, develops, manufactures, and markets cyber security and application delivery solutions for cloud, on-premises, and software defined data centers worldwide. The company operates in two segments, Radware's Core Business and The Hawks' Business. It offers DefensePro provides automated DDoS protection; Radware Kubernetes, a web application firewall solution; and Cyber Controller, a unified solution for management, configuration, and attack lifecycle.