A10 Networks: Penetrating Enterprise Market; Initiate With 'Buy'

  • A10 Networks' focus on the enterprise market and product enhancements has driven strong growth, highlighted by Q1 FY25 results and a key Microsoft AI security partnership. The acquisition of ThreatX Protect and ongoing R&D investments are expanding A10's cybersecurity portfolio, supporting further enterprise market penetration. A robust balance sheet, consistent free cash flow, and shareholder returns underpin financial stability, with double-digit enterprise revenue growth expected to continue.