Zacks Investment Research Upgrades Radware (RDWR) to Buy

Radware (NASDAQ:RDWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The firm presently has a $28.00 target price on the information technology services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.82% from the company’s current price.

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) “

A number of other equities research analysts have also recently issued reports on RDWR. Oppenheimer set a $30.00 price objective on shares of Radware and gave the stock a “buy” rating in a report on Wednesday. BidaskClub upgraded shares of Radware from a “sell” rating to a “hold” rating in a report on Saturday, September 29th. Finally, Barclays reiterated a “buy” rating and issued a $30.00 price objective on shares of Radware in a report on Thursday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Radware has an average rating of “Buy” and an average price target of $28.80.

Radware stock opened at $24.60 on Friday. Radware has a 12 month low of $18.00 and a 12 month high of $28.50. The firm has a market cap of $1.09 billion, a PE ratio of -205.00, a P/E/G ratio of 8.87 and a beta of 1.09.

Radware (NASDAQ:RDWR) last issued its quarterly earnings data on Wednesday, November 7th. The information technology services provider reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.04. The firm had revenue of $58.80 million during the quarter, compared to analysts’ expectations of $58.14 million. Radware had a net margin of 2.58% and a return on equity of 1.85%. Radware’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. As a group, sell-side analysts predict that Radware will post 0.15 earnings per share for the current year.

A number of large investors have recently modified their holdings of RDWR. BlackRock Inc. boosted its holdings in Radware by 24.0% in the first quarter. BlackRock Inc. now owns 505,806 shares of the information technology services provider’s stock worth $10,799,000 after purchasing an additional 97,844 shares in the last quarter. California State Teachers Retirement System bought a new stake in Radware in the first quarter worth $928,000. Millennium Management LLC lifted its position in Radware by 6.0% during the 1st quarter. Millennium Management LLC now owns 375,509 shares of the information technology services provider’s stock worth $8,017,000 after acquiring an additional 21,202 shares during the last quarter. Acadian Asset Management LLC lifted its position in Radware by 99.5% during the 2nd quarter. Acadian Asset Management LLC now owns 702,193 shares of the information technology services provider’s stock worth $17,752,000 after acquiring an additional 350,203 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in Radware during the 2nd quarter worth $385,000. Hedge funds and other institutional investors own 63.23% of the company’s stock.

About Radware

Radware Ltd. develops, manufactures, and markets cyber security and application delivery solutions for applications in virtual, cloud, and software defined data centers worldwide. The company offers application and network security solutions, such as DefensePro, a real-time network attack prevention device; AppWall, a Web application firewall; and DefenseFlow, a cyber-command and control application.

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