Summit Partners Exits A10 Networks Stake Below 5% Threshold

TL;DR

**Summit Partners is out of A10 Networks, signaling a potential red flag for investors.**

AI Summary

Summit Partners, L.P. filed an amended Schedule 13G/A on February 7, 2024, indicating a change in their beneficial ownership of A10 Networks, Inc. common stock as of December 31, 2023. This filing, Amendment No. 5, shows that Summit Partners, L.P. no longer holds a reportable stake, meaning their ownership has dropped below the 5% threshold that requires public disclosure. This matters to investors because it signals a significant institutional investor has reduced or exited its position, which could be interpreted as a loss of confidence in A10 Networks' future prospects.

Why It Matters

This filing indicates a major institutional investor, Summit Partners, has significantly reduced or completely sold off its stake in A10 Networks, which could signal a lack of confidence in the company's future performance. Investors should consider why a sophisticated firm would make such a move.

Risk Assessment

Risk Level: medium — The exit of a significant institutional investor like Summit Partners could indicate underlying concerns about A10 Networks, potentially leading to negative market sentiment.

Analyst Insight

A smart investor would investigate the reasons behind Summit Partners' decision to reduce their stake in A10 Networks, potentially looking for any negative news or changes in the company's fundamentals that might have prompted this move, before making any investment decisions.

Key Players & Entities

• Summit Partners, L.P. (company) — the reporting person who filed the SC 13G/A
• A10 Networks, Inc. (company) — the subject company whose stock is being reported
• December 31, 2023 (date) — the date of the event which required the filing
• February 7, 2024 (date) — the date the SC 13G/A was filed
• Amendment No. 5 (number) — the specific amendment number of the filing

Forward-Looking Statements

• A10 Networks' stock price may experience downward pressure due to the perceived lack of institutional confidence. (A10 Networks, Inc.) — medium confidence, target: Q1 2024
• Other institutional investors might re-evaluate their positions in A10 Networks following Summit Partners' exit. (A10 Networks, Inc.) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.00001 — me of Issuer) Common Stock, par value $0.00001 per share (Title of Class of Securiti

Filing Documents

• d562183dsc13ga.htm (SC 13G/A) — 174KB
• 0001193125-24-026810.txt ( ) — 176KB

From the Filing

SC 13G/A 1 d562183dsc13ga.htm SC 13G/A SC 13G/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. 5)* A10 Networks, Inc. (Name of Issuer) Common Stock, par value $0.00001 per share (Title of Class of Securities) 002121101 (CUSIP Number) December 31, 2023 (Date of Event Which Requires Filing of this Statement) Check the Appropriate Box to Designate the Rule Pursuant to Which this Schedule Is Filed: Rule 13d-1(b) Rule 13d-1(c) Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 ( Act ) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ). 1. Names of Reporting Persons Summit Partners, L.P. 2. Check The Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of Shares Beneficially Owned By Each Reporting Person With 5. Sole Voting Power 0 6. Shared Voting Power 3,888,206 7. Sole Dispositive Power 0 8. Shared Dispositive Power 3,888,206 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,888,206 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares 11. Percent of Class Represented By Amount in Row (9) 5.24% (1) 12. Type of Reporting Person (See Instructions) PN (1) Calculated based on 74,138,224 shares of common stock, par value $0.00001 per share (Common Stock) outstanding as of November 2, 2023, as reported on the Issuers Form 10-Q filed on November 7, 2023. 1. Names of Reporting Persons Summit Partners GE VIII, LLC 2. Check The Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of Shares Beneficially Owned By Each Reporting Person With 5. Sole Voting Power 0 6. Shared Voting Power 3,888,206 7. Sole Dispositive Power 0 8. Shared Dispositive Power 3,888,206 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,888,206 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares 11. Percent of Class Represented By Amount in Row (9) 5.24% (1) 12. Type of Reporting Person (See Instructions) OO (1) Calculated based on 74,138,224 shares of Common Stock outstanding as of November 2, 2023, as reported on the Issuers Form 10-Q filed on November 7, 2023. 1. Names of Reporting Persons Summit Partners GE VIII, L.P. 2. Check The Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of Shares Beneficially Owned By Each Reporting Person With 5. Sole Voting Power 0 6. Shared Voting Power 3,888,206 7. Sole Dispositive Power 0 8. Shared Dispositive Power 3,888,206 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,888,206 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares 11. Percent of Class Represented By Amount in Row (9) 5.24% (1) 12. Type of Reporting Person (See Instructions) PN (1) Calculated based on 74,138,224 shares of Common Stock outstanding as of November 2, 2023, as reported on the Issuers Form 10-Q filed on November 7, 2023. 1. Names of Reporting Persons Summit Partners Growth Equity Fund VIII-A, L.P. 2. Check The Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of Shares Beneficially Owned By Each Reporting Person With 5. Sole Voting Power 0 6. Shared Voting Power 3,888,206 7. Sole Dispositive Power 0 8. Shared Dispositive Power 3,888,206 9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,888,206 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares 11. Percent of Class Represented By Amount in Row (9) 5.24% (1) 12. Type of Reporting Person (See Instructions) PN (1) Calculated based on 74,138,224 shares of Common Stock outstanding as of November 2, 2023, as reported on the Issuers Form 10-Q filed on November 7, 2023. 1. Names of Reporting Persons Summit Partners Growth Equity Fund VIII-B, L.P. 2. Check The Appropriate Box if a Member of a Group (See Instructions) (a)(b) 3. SEC Use Only 4. Citizenship or Place of Organization Delaware Number of Shares Beneficially O

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