UPDATE: J.P. Morgan Downgrades F5 Networks to Neutral

J.P. Morgan is out with its report today on F5 Networks (NASDAQ: FFIV), downgrading FFIV from Overweight to Neutral.

In a note to clients, J.P. Morgan writes, "We are downgrading F5 from OW to Neutral as consensus expectations approach our own. In this report we also review key forward indicators of virtualization activity and conclude that the market remains strong but that growth may not continue to inflect upward. In addition, F5 has said that their ability to hire has reached a maximum level; we see this as another potential limiter on growth acceleration. With the stock trading near the top of its historical PE range, we believe that now is a good time to begin taking profits."

J.P. Morgan lowers its PT from $122 to $105.

At the time of posting, shares of FFIV were trading pre-market at $101.57, down 3.59% from Wednesday's close.