Zacks Investment Research Lowers Radware Ltd. (RDWR) to Sell

Radware Ltd. (NASDAQ:RDWR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Radware Ltd. develops, manufactures and markets products that manage and direct Internet traffic among network resources to enable continuous access to Web sites and other services, applications and content based on Internet protocol. Radware offers a broad range of Internet traffic management solutions to service providers, e-commerce businesses and corporate enterprises that require uninterrupted availability and optimal performance of IP-based applications that are critical to their business. (PRESS RELEASE) “

Several other research firms also recently issued reports on RDWR. BidaskClub downgraded Radware from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Radware in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Radware in a research note on Thursday, August 3rd. Dougherty & Co raised Radware from a “neutral” rating to a “buy” rating and upped their price objective for the company from $16.50 to $18.50 in a research note on Tuesday, April 25th. Finally, Oppenheimer Holdings, Inc. set a $17.00 target price on Radware and gave the company a “buy” rating in a report on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.44.

Shares of Radware (NASDAQ:RDWR) opened at 17.64 on Tuesday. The firm’s 50-day moving average is $17.72 and its 200-day moving average is $16.62. The company’s market cap is $773.00 million. Radware has a one year low of $11.46 and a one year high of $18.33.

Radware (NASDAQ:RDWR) last released its quarterly earnings data on Wednesday, August 2nd. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.06. Radware had a negative return on equity of 2.14% and a negative net margin of 6.41%. The company had revenue of $50.96 million during the quarter, compared to the consensus estimate of $50.19 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year. Analysts expect that Radware will post $0.14 EPS for the current fiscal year.

Radware announced that its Board of Directors has approved a stock buyback plan on Tuesday, April 25th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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A number of hedge funds have recently made changes to their positions in RDWR. Penserra Capital Management LLC boosted its stake in shares of Radware by 4.8% in the first quarter. Penserra Capital Management LLC now owns 1,777,524 shares of the information technology services provider’s stock valued at $28,724,000 after buying an additional 81,863 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Radware by 5.3% in the first quarter. Nuveen Asset Management LLC now owns 794,456 shares of the information technology services provider’s stock valued at $12,838,000 after buying an additional 40,114 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Radware by 66.2% in the first quarter. Renaissance Technologies LLC now owns 480,897 shares of the information technology services provider’s stock valued at $7,771,000 after buying an additional 191,597 shares during the last quarter. Hood River Capital Management LLC bought a new stake in shares of Radware during the first quarter valued at approximately $6,951,000. Finally, Wellington Management Group LLP boosted its stake in shares of Radware by 130.8% in the first quarter. Wellington Management Group LLP now owns 331,979 shares of the information technology services provider’s stock valued at $5,365,000 after buying an additional 188,139 shares during the last quarter. Institutional investors and hedge funds own 63.59% of the company’s stock.

About Radware

Radware Ltd. is a provider of cyber security and application delivery solutions. The Company’s solutions incorporate Distributed Denial of Service protection, Web application firewall (WAF) and Application Delivery Controllers (ADC) technologies to enable its customers to provide cyber-attack mitigation solutions for a range of applications.

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