Renaissance Technologies LLC Trims Stock Position in A10 Networks, Inc. $ATEN

Key Points

• Renaissance Technologies reduced its A10 Networks position by 16.4% in the first quarter, selling 349,747 shares. It still held 1.78 million shares worth approximately $41.3 million, or 2.48% of the company.
• A10 Networks reported better-than-expected quarterly results, with EPS of $0.24 versus a $0.22 estimate and revenue of $75 million, up 13.4% year over year.
• Analyst sentiment remains mixed: two analysts rate the stock a Buy and four rate it Hold, producing an overall Hold consensus and average price target of $31.29, below the reported share price of $33.45.

Renaissance Technologies LLC cut its holdings in A10 Networks, Inc. (NYSE:ATEN - Free Report) by 16.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,784,987 shares of the communications equipment provider's stock after selling 349,747 shares during the period. Renaissance Technologies LLC owned 2.48% of A10 Networks worth $41,269,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new position in shares of A10 Networks in the 4th quarter valued at $26,000. Farther Finance Advisors LLC grew its holdings in shares of A10 Networks by 92.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,255 shares of the communications equipment provider's stock worth $40,000 after purchasing an additional 1,083 shares during the period. Parkside Financial Bank & Trust increased its position in shares of A10 Networks by 4,621.6% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,408 shares of the communications equipment provider's stock worth $43,000 after purchasing an additional 2,357 shares during the last quarter. Clearstead Advisors LLC raised its holdings in A10 Networks by 2,829.4% in the 4th quarter. Clearstead Advisors LLC now owns 2,490 shares of the communications equipment provider's stock valued at $44,000 after buying an additional 2,405 shares during the period. Finally, Leonteq Securities AG purchased a new stake in A10 Networks in the 4th quarter valued at about $77,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

A10 Networks Stock Down 2.4%

Shares of NYSE ATEN opened at $33.45 on Tuesday. The stock has a market cap of $2.41 billion, a P/E ratio of 53.96 and a beta of 1.14. The business's fifty day simple moving average is $33.55 and its 200-day simple moving average is $26.07. A10 Networks, Inc. has a 12-month low of $16.52 and a 12-month high of $38.49. The company has a current ratio of 3.71, a quick ratio of 3.56 and a debt-to-equity ratio of 0.99.

A10 Networks (NYSE:ATEN - Get Free Report) last released its earnings results on Tuesday, April 28th. The communications equipment provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. A10 Networks had a return on equity of 25.00% and a net margin of 14.90%.The firm had revenue of $75.00 million during the quarter, compared to analysts' expectations of $72.61 million. During the same period in the previous year, the firm posted $0.20 EPS. A10 Networks's revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts predict that A10 Networks, Inc. will post 0.83 EPS for the current fiscal year.

Insider Activity

In other news, Director Eric Singer sold 24,698 shares of A10 Networks stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $27.21, for a total value of $672,032.58. Following the completion of the transaction, the director owned 68,806 shares in the company, valued at approximately $1,872,211.26. This trade represents a 26.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.21% of the company's stock.

Wall Street Analyst Weigh In

ATEN has been the subject of several research analyst reports. Mizuho increased their target price on shares of A10 Networks from $30.00 to $34.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. BWS Financial boosted their price target on shares of A10 Networks from $30.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, June 16th. Wall Street Zen lowered shares of A10 Networks from a "buy" rating to a "hold" rating in a report on Saturday, June 20th. Zacks Research cut shares of A10 Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Piper Sandler set a $45.00 target price on shares of A10 Networks in a report on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $31.29.

A10 Networks Company Profile

A10 Networks, Inc NYSE: ATEN, headquartered in San Jose, California, designs and sells networking and security solutions that accelerate application performance and protect data across on-premises, cloud and hybrid environments. Founded in 2004, the company's offerings target enterprises, service providers and cloud operators seeking high availability, secure access and optimized traffic delivery for critical applications.

The company's core portfolio includes application delivery controllers (ADCs) for load balancing and traffic management, advanced distributed denial-of-service (DDoS) protection appliances, SSL inspection solutions and carrier-grade NAT (CGNAT) platforms.

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