Needham & Company analyst Alex Henderson raised estimates and his price target on Buy-rated F5 Networks (NASDAQ: FFIV) from $119 to $125 following strong 'beat and raise.'

Henderson commented, "F5 Networks reported a classic beat and raise quarter. Management highlighted strengthening conditions, strong product acceptance and noted they were seeing a shift to higher end products within their product line. F5 strength spanned conventional ADCs, virtualized offerings, security, and service provider. Going into their stronger CY2Q and CY3Q fiscal year-end quarters, we are reiterating our Buy rating and increasing our Target Price to $125 from $119."

The firm raised FY 2014 EPS from $5.23 to $5.26 and FY 2015 EPS from $5.76 to $5.84.

For an analyst ratings summary and ratings history on F5 Networks click here. For more ratings news on F5 Networks click here.

Shares of F5 Networks closed at $108.19 yesterday.