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Network gear maker Infoblox hits life low on weak forecast

30
May
2014

(Reuters) – Shares of Infoblox Inc slumped 41 percent to their life low on Friday, a day after the network equipment maker warned of a lower-than-expected profit for the fourth quarter, hurt by contract delays and a slowdown in customer additions. At least five brokerages lowered their rating and eight cut their price target on Infoblox’s stock, citing uncertainty around the company’s new sales strategy as IT customers prioritized spending on network security over automation. Analysts also highlighted concerns that any turnaround in Infoblox’s fortunes, which could last more than a year, would not be led by its chief executive of nearly 10 years, Robert Thomas, who said on Thursday that he would step down.

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