Stock Alert: F5 Networks Shares Hit 52-Week High
Shares of F5 Networks Inc. (FFIV) rose over 8% to hit 52-week high of $200.57 Friday morning. FFIV is currently trading at $195.13, up $15.03 or 8.35%, with trading volume is rising over 518K versus an average volume of 769K shares.
The company said it signed a definitive agreement to acquire all issued and outstanding shares of privately held Volterra for about $440 million in cash and about $60 million in deferred consideration and assumed unvested incentive compensation to founders and employees.
Also, F5 raised its Horizon 2 (fiscal years 2021 and 2022) and long-term revenue outlook, and reiterated its Horizon 2 operating targets, including its commitment to achieving double-digit non-GAAP earnings per share growth.
The company also reiterated its commitment to return $1 billion of capital over the next two years, including the initiation of a $500 million accelerated share repurchase in fiscal year 2021. In addition, F5 released a “preview of its first quarter fiscal year 2021 financial results stating it expects GAAP and non-GAAP revenue in a range of $623 million – $626 million,” driven in part, by about 68% GAAP, and 70% non-GAAP, software revenue growth.
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