A10 Networks

ATEN · NYSE

$24.63−$0.05 (−0.20%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $24.68

ATEN analyst rating

BuyConsensus of 6 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy3
Hold3
Underperform0
Sell0

12-month price target · 8 analysts

Average $37.40 (+51.8% upside)

Low: $28.28
Now: $24.63
High: $47.25

Upgrades and downgrades

The latest rating actions, newest first

ATEN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Mizuho	Oct 15, 2026	Maintains	Neutral	$34.00 → $30.00	100%
Deutsche Bank	Sep 1, 2026	Initiates	Buy → Hold	$28.00	57%
BWS Financial	Aug 14, 2026	Maintains	Buy	$45.00	56%
BWS Financial	Aug 6, 2026	Maintains	Buy	$45.00	56%
BTIG	Aug 6, 2026	Maintains	Buy	$37.00	76%
Mizuho	Jul 15, 2026	Maintains	Neutral	$30.00 → $34.00	100%
BTIG	Jun 22, 2026	Maintains	Buy	$30.00 → $37.00	76%
BWS Financial	Jun 16, 2026	Maintains	Buy	$30.00 → $45.00	56%
Mizuho	Jun 11, 2026	Maintains	Neutral	$27.00 → $30.00	100%
BWS Financial	Apr 29, 2026	Maintains	Buy	$28.00 → $30.00	56%

The case for and against

Updated Oct 14, 2026

Bull case

A10 Networks is benefiting from a stronger mix shift toward security-led and AI-enabled infrastructure, with secure-led sales rising from 63% of product revenue in 2024 to 72% in 2025 and expected to remain above 65% going forward. Its second quarter revenue of $80.1 million beat estimates, product revenue accelerated 25% year over year, and management raised the full-year revenue growth range to 12% to 14% and EPS growth to 14% to 16%, underscoring operating leverage. The expanded multi-year relationship with Microsoft adds durable visibility, while normalizing service provider demand, improving enterprise pipeline quality, and the TrojAI acquisition together support continued double-digit growth in 2026 and 2027.

Bear case

A10 Networks is facing a bearish setup because investors appear overly focused on the Microsoft exposure risk rather than the potentially expanding relationship, which has already contributed to revenue growth and could create volatility in perceived contract quality. While enterprise revenue surged to $48.0MM in Q2 and reached 60% of total revenue, service provider revenue fell 23% year over year to $32.1MM, showing that the company still depends on a lumpy and pressured segment. Management’s comments that Americas SP is only stabilizing, Japan remains hit by macro weakness, and Europe may be flat-to-slightly-worse underscore fragile demand, even as pipeline quality improves.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.