F5 jumps after forecasting Q4 revenue, profit above estimates
Updates
** Shares of software firm F5 FFIV.O jump 10.7% to $196.65 - stock set for its best day since June 2016
** Shares hit a high of $199.80 - highest since April 2022 - earlier in the session
** Co expects Q4 revenue in the range of $720 mln - $740 mln, above analysts' average estimates of $717.4 mln - LSEG data
** Forecasts Q4 adj. EPS between $3.38-$3.50 vs estimated $3.33
** Says on Tuesday its current CFO Frank Pelzer would retire in Q1 of 2025, to be replaced by Edward Werner, currently the senior vice president of finance at co
** At least seven brokeragesraise PTs on the stock following results, outlook
** Software outperformance driven by subscription strength; co noted strong renewals and uptick in business activity - Evercore ISI
** Brokerage says co benefiting from transition from being hardware-centric to software-centric, raises PT to $210 from $180
** Piper Sandler expects the renewal portion of co's software business to be ~65% by year end, a positive milestone for total subscription transition, raises PT to $186 from $167
** Average rating of 14 brokerages is "hold", median PT at $200 - LSEG data
** Including session's move, stockup over 10% YTD
Reporting by Purvi Agarwal in Bengaluru
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