William Blair analyst Jason Ader downgraded F5 Networks to Market Perform from Outperform saying he sees more questions than answers. Recent channel checks suggest "stagnant demand" in F5's enterprise business, Ader tells investors in a research note. Further, he sees uncertainty around the success of F5's upcoming cloud-native application delivery controller offering due to potential product positioning challenges and increasing competition in cloud-native ADCs. On top of that, the analyst views shares of F5 Networks as fairly priced following the 17% rally over the past 12 months.