Piper Jaffray analyst Troy Jensen bumped his price target on F5 Networks (NASDAQ: FFIV) to $103.00 (from $100.00) following results but maintained a Neutral rating.

Jensen commented, "F5 Networks reported mixed March quarter results with revenues falling below expectations, but lower taxes and an aggressive share repurchase helped EPS come in better than consensus. Product weakness in the quarter was largely led by a slowdown in spending in the early weeks of Q1 as a result of global growth concerns. Given the poor results our 1Q16 survey indicated, we are not completely surprised by these results and expect slow January spending will be a common theme in Q1. We do believe sales accelerated in the latter half of the March quarter, and believe demand trends should improve. We believe it will take 1 - 2 more quarters until product growth reaccelerates and anticipate F5 will see mid to high single-digit growth rates return, but we are maintaining our Neutral rating until we are more confident product growth rates are accelerating."

The firm raised FY 2016 EPS from $6.93 to $7.14 and FY 2017 EPS from $7.41 to $7.66.

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Shares of F5 Networks closed at $97.16 yesterday.