F5 Networks price target raised to $310 from $260 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on F5 Networks (FFIV) to $310 from $260 and keeps a Sector Perform rating on the shares. The company reported strong results with outperformance across the board as software revenue grew 22% and systems revenue grew 18%, the analyst tells investors in a research note. F5’s positives included an improved IT spending environment, solid refresh activity, secular tailwinds around hybrid and AI and an optimistic outlook, the firm added, stating that it remains impressed with the company’s growing consistency and relevancy in a hybrid-cloud world.