F5, Inc. (NASDAQ:FFIV) posted upbeat earnings for its second quarter and announced plans to reduce its global headcount by approximately 620 employees.

F5 posted quarterly earnings of $2.53 per share, beating analysts' estimates of $2.42 per share. The company's quarterly sales came in at $703.00 million, versus expectations of $699.04 million.

F5 shares fell 8.5% to $125.43 in pre-market trading.

These analysts made changes to their price targets on F5 following earnings announcement.

• Barclays cut the price target on F5 from $166 to $140. Barclays analyst Tim Long downgraded the stock from Overweight to Equal Weight.
• Piper Sandler lowered the price target on F5 from $156 to $143. Piper Sandler analyst James Fish maintained a Neutral rating.
• RBC Capital cut the price target on F5 from $155 to $146. RBC Capital analyst Matthew Hedberg maintained the stock with a Sector Perform rating.
• Credit Suisse slashed the price target on F5 from $166 to $155. Credit Suisse analyst Sami Badri maintained the stock with a Neutral.
• TD Cowen lowered the price target on F5 from $177 to $170. TD Cowen analyst Paul Silverstein maintained the stock with an Outperform.
• Morgan Stanley cut the price target on F5 from $175 to $165. Morgan Stanley analyst Meta Marshall maintained an Equal-Weight rating on the stock.

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