Goldman Sachs maintains F5 Networks neutral with $300 target

Published 29/04/2025, 11:20
Goldman Sachs maintains F5 Networks neutral with $300 target

On Tuesday, Goldman Sachs reaffirmed its Neutral stance on F5 Networks (NASDAQ:FFIV) shares, maintaining a price target of $300.00. The firm’s analyst noted that F5 Networks’ second-quarter earnings per share (EPS) of $3.42 surpassed both Goldman Sachs’ and consensus estimates of $3.21 and $3.10, respectively. This beat was attributed to lower taxes, contributing an additional $0.16 versus Goldman Sachs’ expectations, and unexpected Other income, which added $0.11. According to InvestingPro data, F5 Networks maintains an impressive financial health score of "GREAT," supported by strong profitability metrics and consistent earnings performance.

F5 Networks reported earnings before interest and taxes (EBIT) of $233 million, fitting snugly between Goldman Sachs’ projection of $238 million and the consensus figure of $228 million. The company’s revenue reached $731 million, aligning closely with estimates and exceeding expectations in Systems revenue. However, Software (ETR:SOWGn) revenue did not meet forecasts, remaining flat year-over-year. The company maintains industry-leading gross profit margins of 80.6%, as reported by InvestingPro, which highlights its operational efficiency. For deeper insights into F5 Networks’ financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

Despite a flat performance in Software revenue, F5 Networks has raised its full-year 2025 revenue and EPS guidance. The optimism seems to stem from strong demand for systems refresh, particularly given the approaching end-of-support dates for significant products within its portfolio. Over half of the installed base for systems will be impacted by the end-of-support for iSeries in January 2027 and Viprion in April 2026. While a sequential decline in Systems revenue is anticipated for the second half of 2025, the guidance has been deemed conservative by some, especially considering the expected demand for refreshes and mid-single-digit percentage price increases. With a PEG ratio of 0.83, InvestingPro analysis suggests the stock is trading at an attractive valuation relative to its near-term earnings growth potential.

For Software, F5 Networks did not meet the anticipated growth, but it is projecting an increase of over 10% in software revenue for the full year of 2025. This acceleration is expected to occur in the second half of the year, driven by an increase in software renewals. However, fewer software renewals could potentially hinder growth in 2026.

The company also expects a low single-digit million-dollar impact from tariffs, which it plans to mitigate through manufacturing and support efficiencies. This strategy is feasible due to the low tariff exposure of F5 Networks’ systems business, as the majority of its finished goods are compliant with the United States-Mexico-Canada Agreement (USMCA) and are duty-free upon import into the United States. So far, F5 Networks has not observed any immediate demand erosion due to trade policy and growth uncertainties.

In other recent news, F5 Networks Inc . reported strong financial results for the second quarter of 2025, surpassing analyst expectations. The company achieved an earnings per share (EPS) of $3.42, exceeding the forecasted $3.10, and recorded revenue of $731 million, surpassing the expected $718.2 million. This marks a 7% year-over-year increase in total revenue. F5 Networks has raised its full-year revenue growth guidance to 6.5-7.5%, reflecting confidence in its product offerings and market demand. The company anticipates Q3 2025 revenue to range between $740 million and $760 million, representing an approximate 8% growth.

Additionally, F5 Networks has been focusing on new product innovations, particularly in AI and security. The company introduced the F5 Application Delivery and Security Platform, which integrates high-performance load balancing with advanced app and API security capabilities. This platform aims to provide consistent policies, full visibility, and AI-driven insights across hybrid and multi-cloud environments. Despite the positive financial results, F5 Networks’ stock experienced a minor decline during regular trading hours. However, it saw a slight recovery in after-hours trading.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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