Seeking Alpha: Absent Product Revenue Growth, What Drives F5 Networks?

Wanting to like a stock is always dangerous, and that's the position I find myself in with F5 Networks (NASDAQ:FFIV). While I do believe that demand for application delivery controllers (or ADCs) is on the wane and likely to push market growth into the single digits, I also believe that the company has a significant opportunity in attaching security products and pursuing SDN/NFV and diameter signaling revenues.

The problem is identifying what's going to drive a meaningful improvement in the value proposition and/or investor sentiment. The shares look only slightly undervalued on the basis of 7% to 8% long-term growth and the company likely needs to generate double-digit product revenue growth again to get a real tailwind behind the shares. I continue to believe that F5 is a high-quality company that is not overvalued, but it's more difficult to argue that this is a must-own stock today.

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Absent Product Revenue Growth, What Drives F5 Networks?

Seeking Alpha: F5 Networks Executing Well And Building Out The TAM

A key item on F5's (NASDAQ:FFIV) management to-do list for 2014 was to make convincing progress with software and hardware offerings that continue to expand the company's total addressable market beyond its legacy application delivery controllers (or ADCs). So far, so good, as F5 has seen strong interest in its security offerings while continuing to build out a comprehensive array of offerings for the service provider market. I'm a little more cautious now given the valuation, but five straight beat-and-raise quarters shouldn't be overlooked and the valuation is not extreme or out of line relative to the opportunities.

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F5 Networks Executing Well And Building Out The TAM

Investopedia: F5 Networks On Its Heels, But Hasn't Fallen Down Yet

There are only a handful of tech companies that aren't seeing significant pressure on their revenue growth these days, so in that respect F5 (Nasdaq:FFIV) is in good company. What's more troubling about F5, though, is the prospect that the company's core market (and its position within that market) has begun to fade significantly. Although F5 is cash-rich and has opportunities to reignite growth with new products for new markets, investors need to appreciate the risk that growth stagnates during this reconstruction period and that valuation alone won't be enough to support the stock.

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Seeking Alpha: The Street Doesn't Seem To Believe Radware Will Become A Player

Wall Street doesn't typically have all that much patience with tech growth stories, so while Radware's (RDWR) historical growth is hardly embarrassing, it doesn't seem like analysts or investors expect big things from this company in the future. Maybe that's fair given the slowing ADC market and the rampant competition in security, but Radware's technology and rich cash balance could generate more growth than currently expected.

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The Street Doesn't Seem To Believe Radware Will Become A Player

Seeking Alpha: Frustrating F5 Networks Zigs And Zags Again

Value investors and tech stocks are typically an oil and water mix, but I've had enough success with a value approach (or at least a GARP approach) that I always keep an eye on interesting tech names. One of the most interesting, albeit frustrating, names has been F5 (FFIV).

While F5 has a legitimately impressive share of the ADC market and bold plans to expand into nearby markets like security and diameter signaling, sluggish product growth and an uncertain future for the ADC market make this a tricky stock. Though Thursday's post-earnings rally doesn't necessarily take it off the list as a potential buy, investor expectations for product revenue re-acceleration may be upping the risk.

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Frustrating F5 Networks Zigs And Zags Again