While some Infoblox Inc (BLOX) shareholders may have been skeptical of what this last quarter may have had in store, their fears seem to have been unwarranted.
Infoblox Inc (NYSE:BLOX) reported blowout earnings and announced a $100 million share buyback moments ago. The company reported that they’ve brought in net revenue of $94 million for the first fiscal quarter, ending Oxctober, 15. This is an increase of 40.9% year-over-year, or a net loss ov $0.03 per diluited share on a GAAP basis. Non-GAAP net income however surpassed $7.8 million or $0.13 per diluted share.
“Infoblox offers best-of-breed DDI and DNS security solutions that drove record first quarter revenue as we executed well across key operating metrics,” said Jesper Andersen, president and chief executive officer of Infoblox. “We saw strong revenue growth across all major geographies, and security revenue exceeded $10 million in the quarter,” continued Andersen. “The authorization of a $100 million share repurchase program, including a $50 million accelerated share repurchase, underscores the confidence we have in our business, and demonstrates our commitment to returning value to stockholders. Looking forward, we see multiple growth drivers for our business and believe we are well positioned to execute on the opportunities ahead.”
Some additional information from this report includes the following:
– Product revenue was up 9.7% sequentially equating to 61.4% year-over-year
– Non-GAAP operating margin was up 13.3% compared to 5.5% a year ago
– Services revenue was up 6.2% sequentially and approx. 22.6% year-over-year
– Non-GAAP gross margin was up 81.2% compared to 79.9% a year ago
The stock increased 0.47% or $0.07 on November 30, hitting $15.05. About 1.39 million shares traded hands or 95.37% up from the average. BLOX has declined 38.71% since April 27, 2015 and is downtrending. It has underperformed by 37.82% the S&P500.
Out of 2 analysts covering Infoblox (NASDAQ:BLOX), 0 rate it “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. $32 is the highest target while $19 is the lowest. The $25.50 average target is 69.44% above today’s ($15.05) stock price. Infoblox was the topic in 4 analyst reports since August 23, 2015 according to StockzIntelligence Inc. Deutsche Bank downgraded the stock on September 22 to “Hold” rating. Deutsche Bank maintained it with “Buy” rating and $32 target price in an August 23 report.
The institutional sentiment decreased to 1.36 in Q2 2015. Its down 0.13, from 1.49 in 2015Q1. The ratio is negative, as 18 funds sold all Infoblox Inc shares owned while 57 reduced positions. 40 funds bought stakes while 62 increased positions. They now own 47.30 million shares or 0.37% more from 47.13 million shares in 2015Q1.
Lamond Capital Partners Llc holds 6.14% of its portfolio in Infoblox Inc for 230,872 shares. Cadian Capital Management Lp owns 5.08 million shares or 3.92% of their US portfolio. Moreover, Dorsal Capital Management Llc has 2.22% invested in the company for 850,000 shares. The California-based Falcon Point Capital Llc has invested 2.02% in the stock. Insight Capital Research & Management Inc, a California-based fund reported 273,855 shares.
Since March 16, 2015, the stock had 0 insider purchases, and 18 insider sales for $6.64 million net activity. Fulton Scott sold 7,652 shares worth $123,044. Goguen Michael L sold 3,885 shares worth $61,189. Gee David Nicholas sold 4,894 shares worth $89,004. Parekh Sohail M. sold 17,912 shares worth $313,997. The insider Freitag Thorsten sold 16,253 shares worth $284,915.
Infoblox Inc. provides enterprise and service provider-class solutions to automate management of the critical network infrastructure services. The company has a market cap of $898.22 million. The Firm provides network control, network automation and domain name system security though appliance solutions. It currently has negative earnings. The Company’s solutions combine real-time Internet protocol address management (IPAM), automation of network control, change and configuration management processes and DNS infrastructure security in purpose-built physical and virtual appliances.