Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price26.75 USD
Fair value34.17
Ethical score70.0/100
Our investment reviews on this name
2026-08-22Read Distribution26.84-0.3% to today ✓
2026-07-02Read Markup31.76-15.8% to today
Our analytic regime reads on this name, dated and marked against today's price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
A10 Networks, Inc. holds its Markup at $26.75. The statistical read favours the sellers, held for 24 days.
As held on the ledger · 2026-09-15
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 24 days
Price at the screen
$26.75
Valuation
46.12 trailing · 22.55 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.12
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
36.16%
Below 33%
Interest-bearing debt is 36.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
48.70%
Below 33%
Interest-bearing cash and securities are 48.7% of assets, above the one-third limit.
Fail
Receivables
21.15%
Below 49%
Money owed to the company is 21.2% of assets, under the 49% limit.
Pass
Revenue purity
4.00%
Below 5%
Only 4.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-15 screen. The gold marker is the market price at the same screen. A 27.7% margin of safety to the base estimate.
Third-party analyst targets: 6 covering, consensus None. The average target sits +40% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-15 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Network security firm priced beyond its worth
Picture a firm that shields apps and networks from threats across dozens of markets, yet the shares already price in more growth than the numbers support. We pass because the stock trades 10 percent above our fair value at a forward multiple of 30.5 times, leaving no margin of safety despite 13 percent revenue growth and a clean ethical screen.
The business posts respectable 15 percent profit margins and 21 percent return on equity, with analysts clustered around a median target only modestly below the current price. Those metrics look solid on the surface, yet they do not justify stretching the valuation further in a competitive infrastructure software space where moat depth remains unclear.
Valuation risk dominates here; any slowdown in demand for secure application delivery could compress multiples quickly and leave holders exposed. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ATEN trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 25.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30.
2026-07-22Markup$35.96+13.2%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 13.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30.
2026-07-18Markup$31.76+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 46% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 77%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (5 analysts) rates it buy, with a mean price target of $30.
2026-07-03Markup$31.76+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Markup$31.76Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
