Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ATEN gained traction with large enterprise customers while North American service providers spent more money in the third quarter. </li>
<li>The variability of orders from certain service providers has resulted in ATEN reporting minimal revenue growth as the Company tried to broaden its customer base.  </li>
<li>Our approach to valuing ATEN remains unchanged as the Company has a growing cash balance and positive free cash flow. Our price target is now $24 from $17.  </li>
</ul>


ATEN gained traction with large enterprise customers while North American service providers spent more money in the third quarter. 
The variability of orders from certain service providers has resulted in ATEN reporting minimal revenue growth as the Company tried to broaden its customer base.  
Our approach to valuing ATEN remains unchanged as the Company has a growing cash balance and positive free cash flow. Our price target is now $24 from $17.  


<ul>
<li>ATEN reported Q2 results with greater success in winning enterprise orders while North American service providers limited their spending. </li>
<li>Over the past year, ATEN has shifted more of its sales and marketing effort to winning enterprise customers, which should have more of a meaningful benefit to recurring revenue. </li>
<li>ATEN reported revenue of $60.1 million compared to our forecast of $62.7 million. The second quarter results were lower than first quarter numbers, which is rare to see for ATEN.</li>
</ul>


ATEN reported Q2 results with greater success in winning enterprise orders while North American service providers limited their spending. 
Over the past year, ATEN has shifted more of its sales and marketing effort to winning enterprise customers, which should have more of a meaningful benefit to recurring revenue. 
ATEN reported revenue of $60.1 million compared to our forecast of $62.7 million. The second quarter results were lower than first quarter numbers, which is rare to see for ATEN.


<ul>
<li>ATEN entered theQ2 with expectations of business not getting worse. The higher level of threat activity should lead to ATEN continuing to generate demand from enterprise and service provider customers.   </li>
<li>The business environment has not shown much evidence in thawing for spending more than required for network security. </li>
<li>North American service provider customers could have increased their spending in the second quarter, but not to the degree to move the needle for ATEN. </li>
</ul>


ATEN entered theQ2 with expectations of business not getting worse. The higher level of threat activity should lead to ATEN continuing to generate demand from enterprise and service provider customers.   
The business environment has not shown much evidence in thawing for spending more than required for network security. 
North American service provider customers could have increased their spending in the second quarter, but not to the degree to move the needle for ATEN. 


<ul>
<li>ATEN reported first quarter results exhibiting much of the issues that plagued the business in the past couple of years have not fully departed from the industry.</li>
<li>ATEN reported revenue slightly higher than we were projecting resulting in year over year growth.</li>
<li>ATEN’s stock has not reached previous highs with investors most likely waiting for a signal that revenue would surpass 2022 level. This is more likely a 2025 event</li>
</ul>


ATEN reported first quarter results exhibiting much of the issues that plagued the business in the past couple of years have not fully departed from the industry.
ATEN reported revenue slightly higher than we were projecting resulting in year over year growth.
ATEN’s stock has not reached previous highs with investors most likely waiting for a signal that revenue would surpass 2022 level. This is more likely a 2025 event


<ul>
<li>The sales emphasis A10 Networks (ATEN) started to put on winning enterprise customers proved as the enabler for the Company posting sequential growth in the fourth quarter of 2023</li>
<li>ATEN reported results missing our expectations with North American service providers continuing to delay their spending plans.</li>
<li>The customer mix has changed in recent quarters. ATEN is no longer generating two-thirds of its revenue from service providers. In the fourth quarter the figure was 58.4 percent</li>
</ul>


The sales emphasis A10 Networks (ATEN) started to put on winning enterprise customers proved as the enabler for the Company posting sequential growth in the fourth quarter of 2023
ATEN reported results missing our expectations with North American service providers continuing to delay their spending plans.
The customer mix has changed in recent quarters. ATEN is no longer generating two-thirds of its revenue from service providers. In the fourth quarter the figure was 58.4 percent


United States

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

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A10 Networks (ATEN US)

ATEN: Better Visibility, PT to $24

ATEN continues to show progress in winning business with large enterprise customers while North American service providers are beginning to spend...

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ATEN: Volatility of the Spending Pattern

ATEN continues to struggle with North American service provider spending patterns. The success in winning new enterprise customers should benefit...

BWS Financial Inc

ATEN: Previewing the Offsetting Quarter

We are anticipating positive trends for ATEN but a simultaneous offsetting factor in other parts, specifically in Japan and other countries where...

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ATEN: Growth Improving

ATEN reported better than expected first quarter results with management asserting the business has reached a level of stability. We are expecting...

BWS Financial Inc

ATEN: Business Proves Stable, PT to $17

ATEN has managed to stabilize its business by growing revenue from enterprise customers. Service provider spending rebounding in 2024/25 timeframe...

BWS Financial Inc

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