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Summit Partners L P Sells 3,500,000 Shares of A10 Networks, Inc. (NYSE:ATEN)

Financial News Live · Jan 24, 2023 12:21

Summit Partners L P reduced its stake in A10 Networks, Inc. (NYSE:ATEN – Get Rating) by 39.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,377,890 shares of the communications equipment provider's stock after selling 3,500,000 shares during the period. A10 Networks accounts for approximately 5.0% of Summit Partners L P's investment portfolio, making the stock its 7th biggest position. Summit Partners L P owned approximately 0.07% of A10 Networks worth $71,365,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of A10 Networks by 3.7% in the first quarter. BlackRock Inc. now owns 4,580,966 shares of the communications equipment provider's stock valued at $63,904,000 after acquiring an additional 163,954 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of A10 Networks by 3.6% in the second quarter. Renaissance Technologies LLC now owns 2,957,233 shares of the communications equipment provider's stock valued at $42,525,000 after acquiring an additional 102,173 shares in the last quarter. Legal & General Group Plc grew its stake in shares of A10 Networks by 10.6% in the second quarter. Legal & General Group Plc now owns 2,349,041 shares of the communications equipment provider's stock valued at $33,780,000 after acquiring an additional 224,926 shares in the last quarter. State Street Corp grew its stake in shares of A10 Networks by 33.3% in the second quarter. State Street Corp now owns 2,332,621 shares of the communications equipment provider's stock valued at $33,543,000 after acquiring an additional 582,392 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of A10 Networks by 8.1% in the first quarter. Bank of New York Mellon Corp now owns 1,971,858 shares of the communications equipment provider's stock valued at $27,508,000 after acquiring an additional 148,301 shares in the last quarter. 88.86% of the stock is currently owned by institutional investors and hedge funds.

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Insider Transactions at A10 Networks

In other news, CEO Dhrupad Trivedi sold 15,079 shares of the stock in a transaction dated Tuesday, December 6th. The shares were sold at an average price of $18.84, for a total value of $284,088.36. Following the completion of the transaction, the chief executive officer now owns 500,956 shares of the company's stock, valued at $9,438,011.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Eric Singer sold 60,541 shares of the stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $18.01, for a total value of $1,090,343.41. Following the completion of the transaction, the director now owns 46,566 shares of the company's stock, valued at $838,653.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dhrupad Trivedi sold 15,079 shares of the stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $18.84, for a total transaction of $284,088.36. Following the completion of the transaction, the chief executive officer now directly owns 500,956 shares of the company's stock, valued at approximately $9,438,011.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 85,763 shares of company stock valued at $1,555,514. 14.22% of the stock is currently owned by insiders.

A10 Networks Price Performance

ATEN traded down $0.11 on Tuesday, hitting $15.65. 43,911 shares of the stock were exchanged, compared to its average volume of 512,901. A10 Networks, Inc. has a 12 month low of $12.27 and a 12 month high of $19.79. The business has a 50-day moving average of $17.24 and a two-hundred day moving average of $15.76. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 31.52 and a beta of 1.02.

A10 Networks (NYSE:ATEN – Get Rating) last posted its quarterly earnings data on Tuesday, November 1st. The communications equipment provider reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). A10 Networks had a return on equity of 20.73% and a net margin of 14.49%. The firm had revenue of $72.06 million for the quarter, compared to the consensus estimate of $69.96 million. Equities research analysts expect that A10 Networks, Inc. will post 0.53 earnings per share for the current fiscal year.

A10 Networks Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Stockholders of record on Tuesday, November 15th were issued a $0.06 dividend. The ex-dividend date was Monday, November 14th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.53%. This is a boost from A10 Networks's previous quarterly dividend of $0.05. A10 Networks's dividend payout ratio is 48.00%.

Analyst Upgrades and Downgrades

Several research firms recently commented on ATEN. BWS Financial upped their price target on shares of A10 Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Wednesday, November 2nd. StockNews.com raised shares of A10 Networks from a "hold" rating to a "buy" rating in a research report on Thursday, November 10th.

About A10 Networks

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A10 Networks, Inc provides networking solutions in the Americas, Japan, other Asia Pacific, and EMEA countries. The company offers Thunder Application Delivery Controller (ADC) that provides advanced server load balancing; Lightning ADC, a cloud-native software-as-a-service platform to boost the delivery and security of applications and microservices; and Thunder Carrier Grade Networking product, which offers standards-compliant address and protocol translation services for service provider networks.