F5 Networks (FFIV) PT Raised to $186 at Piper Sandler

Piper Sandler analyst James Fish raised the price target on F5 Networks (NASDAQ: FFIV) to $186.00 (from $167.00) while maintaining a Neutral rating.

The analyst commented, "Shares are up >10% AH following a better than feared print, FQ4 guide raise, and positive commentary around pipeline and AI, though we have some concerns with the lead metrics, Bot Manager pressures, and the FQ3 upside primarily coming from non-recurring sources (including tax-related). Positively, we expect the renewal portion of the Software business to be ~65% by year-end, which is a positive milestone for the total subscription transition that should help with FY25+ visibility even with the ongoing SaaS transition. With the CFO role transitioning to a well-respected internal candidate, we expect this to be smooth. We have multiple upcoming opportunities in engaging with F5's management around the environment, transition, and potential for FCF to be flat over the next few years given the incentive change likely impacting durations. Reiterating Neutral, PT to $186."

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