Needham & Company Remains Sidelined on Infoblox (BLOX) Following 4Q
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Needham & Company reiterates a Hold rating on Infoblox (NYSE: BLOX) following the company's 4Q earnings report. Security was a particularly positive driver of results up over 2x versus an easy compare, and up 75% for the full year ending FY16. Infoblox reiterated its detailed guidance for FY17.
Analyst Alex Henderson commented, "It should be interesting to see how BLOX reacts to the report. BLOX reported a slightly better than forecast quarter and offered guidance that's better than modeled. We had expected a more cautious guide for the October quarter. BLOX reiterated its fairly aggressive guidance for full-year FY17 and completed its cost cutting sooner than we had expected. But there was no news on the call regarding the activists or a potential acquisition or the call backs. We are increasing our estimates from below management's guidance to in line, but we remain at the lower end. We remain at Hold as we think the stock is fairly valued."
Shares of Infoblox closed at $21.46 yesterday.
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