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Fly News Breaks for December 20, 2019
FFIV
Dec 20, 2019 | 06:01 EDT
Goldman Sachs analyst Rod Hall reiterates a Sell rating on F5 Networks (FFIV) with a $117 price target after the company announced the acquisition of privately held Shape Security for $1B, including $400M in new debt issuance. The analyst calculates that F5 will be left with net cash on the balance sheet of $600M if the deal closes at the end of the March 2020 quarter. This makes the potential for a buyback or other cash return to shareholders "more remote," Hall tells investors in a research note. The analyst remains cautious on F5 saying virtualized application delivery controller competition looks set to intensify with VMWare's (VMW) acquisition of Avi Networks.
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