Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ATEN should continue to benefit from security remaining at the top of priority lists for enterprises and service providers after more network intrusion and hacking news in recent days</li>
<li>The proposal from Vista Equity Partners to purchase KnowBe4 (KNBE) provides greater clarity of the discount ATEN’s stock trades at</li>
<li>ATEN’s purchase of shares from its venture capital shareholder, Summit Partners, at $12.75 per share suggests there is value at current levels</li>
</ul>


ATEN should continue to benefit from security remaining at the top of priority lists for enterprises and service providers after more network intrusion and hacking news in recent days
The proposal from Vista Equity Partners to purchase KnowBe4 (KNBE) provides greater clarity of the discount ATEN’s stock trades at
ATEN’s purchase of shares from its venture capital shareholder, Summit Partners, at $12.75 per share suggests there is value at current levels


<ul>
<li>ATEN reported an increase in revenue in the second quarter of 2022 even though the Company faced currency headwinds in Japan. Underlying demand for security is the reason for outperformance</li>
<li>ATEN’s ability to grow revenue and earnings is resulting in an increase in the cash balance, which management has been using to repurchase shares and pay a cash dividend. </li>
<li>Revenue and earnings growth in the second half of the year should support ATEN’s stock reaching our price target in the near term.</li>
</ul>


ATEN reported an increase in revenue in the second quarter of 2022 even though the Company faced currency headwinds in Japan. Underlying demand for security is the reason for outperformance
ATEN’s ability to grow revenue and earnings is resulting in an increase in the cash balance, which management has been using to repurchase shares and pay a cash dividend. 
Revenue and earnings growth in the second half of the year should support ATEN’s stock reaching our price target in the near term.


<ul>
<li>The recent strength in the Dollar is likely to result in second half revenue ending up lower than anticipated</li>
<li>ATEN generated 60% of its revenue in 2021 from outside the USA. The strength in the US Dollar is likely to result in revenue growing at a slower pace </li>
<li>Our new estimates reflect the impact of a stronger Dollar on revenue and expenses. We are currently not expecting demand softness to push results lower</li>
</ul>


The recent strength in the Dollar is likely to result in second half revenue ending up lower than anticipated
ATEN generated 60% of its revenue in 2021 from outside the USA. The strength in the US Dollar is likely to result in revenue growing at a slower pace 
Our new estimates reflect the impact of a stronger Dollar on revenue and expenses. We are currently not expecting demand softness to push results lower


<ul>
<li>ATEN continued to experience double-digit growth in the first quarter by reporting better than expected results. </li>
<li>The security first approach ATEN has taken to its sales efforts started to show its advantages last year and has continued in 2022. </li>
<li>The momentum from the first quarter is resulting in ATEN affirming revenue growth outlook towards the high end of the 10 percent to 12 percent range provided earlier </li>
</ul>


ATEN continued to experience double-digit growth in the first quarter by reporting better than expected results. 
The security first approach ATEN has taken to its sales efforts started to show its advantages last year and has continued in 2022. 
The momentum from the first quarter is resulting in ATEN affirming revenue growth outlook towards the high end of the 10 percent to 12 percent range provided earlier 


<ul>
<li>ATEN reported fourth quarter results beating our estimates and held an investor day to layout the framework for the next few years. </li>
<li>ATEN has continued to benefit from growing demand for security as network traffic has increased</li>
<li>ATEN is forecasting Q1 and 2022 revenue to increase between 10 % and 12 %. ATEN forecasting gross margin of 78% to 80% leads us to raise our 2022 estimates</li>
</ul>


ATEN reported fourth quarter results beating our estimates and held an investor day to layout the framework for the next few years. 
ATEN has continued to benefit from growing demand for security as network traffic has increased
ATEN is forecasting Q1 and 2022 revenue to increase between 10 % and 12 %. ATEN forecasting gross margin of 78% to 80% leads us to raise our 2022 estimates


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: Security Remains in Demand

The bid by Vista Equity for KnowBe4 (KNBE) and continued network intrusion and hacking news should allow ATEN to experience double-digit revenue...

BWS Financial Inc

ATEN: Demand Leads to Beat

The stronger Dollar did not have the impact on the quarter that we had been concerned about. Demand in North America is outperforming other regions...

BWS Financial Inc

ATEN: US Dollar Factor

We are continuing to forecast demand for security products ATEN sells. However, the strength in the Dollar is likely to have an impact on revenue...

BWS Financial Inc

ATEN: Growing and Raising Estimates

. ATEN continues to show momentum in growing revenue by taking a security first approach with service providers and enterprise customers.

BWS Financial Inc

ATEN: Performing Ahead of Expectations

ATEN is projecting double digit revenue growth and gross margin rising slightly from 2021 levels, which would imply the Company being on pace to...

BWS Financial Inc

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