As noted earlier, DA Davidson analyst Mark Kelleher downgraded F5 Networks to Neutral from Buy and kept his $181 price target. The analyst says the positive factors working in the company's favor, such as its ongoing new iSeries product cycle, high gross margins, strong cash flows, and the application of it security solutions have become increasingly more evident after its last earnings report and have since been reflected in the valuation on the stock. Kelleher adds that F5's competitors in security - Akamai (AKAM), Imperva (IMPV), and Radware (RDWR) - also posted strong results, and it may be difficult to expand operating margins amid "high level of competition on the security side of the business".