Vetr Inc. Upgrades Barracuda Networks Inc. (CUDA) to “Hold”
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by investment analysts at Vetr from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $22.90 price objective on the stock. Vetr‘s price objective would suggest a potential downside of 1.84% from the company’s current price.
Several other equities analysts also recently commented on CUDA. JMP Securities restated a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. DA Davidson restated a “neutral” rating and set a $15.50 target price on shares of Barracuda Networks in a research report on Wednesday, July 6th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Friday, July 8th. BTIG Research reaffirmed a “buy” rating and set a $20.00 price target on shares of Barracuda Networks in a report on Friday, July 8th. Finally, Imperial Capital reaffirmed an “in-line” rating and set a $15.00 price target (down from $16.00) on shares of Barracuda Networks in a report on Thursday, June 30th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.96.
Shares of Barracuda Networks (NYSE:CUDA) traded down 2.95% during midday trading on Tuesday, hitting $23.33. The stock had a trading volume of 1,492,059 shares. The firm’s 50-day moving average price is $23.86 and its 200-day moving average price is $19.13. The firm has a market capitalization of $1.22 billion, a PE ratio of 583.25 and a beta of 3.60. Barracuda Networks has a one year low of $9.44 and a one year high of $25.77.
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Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter, compared to the consensus estimate of $85.27 million. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. Barracuda Networks’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.10 EPS. On average, equities analysts predict that Barracuda Networks will post $0.57 EPS for the current year.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 3,768 shares of Barracuda Networks stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $22.01, for a total transaction of $82,933.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Michael D. Hughes sold 4,468 shares of Barracuda Networks stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $25.05, for a total value of $111,923.40. Following the transaction, the senior vice president now owns 113,971 shares in the company, valued at $2,854,973.55. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Okumus Fund Management Ltd. acquired a new position in Barracuda Networks during the first quarter valued at $68,773,000. Fuller & Thaler Asset Management Inc. acquired a new position in Barracuda Networks during the second quarter valued at $6,264,000. BlackRock Fund Advisors raised its position in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares in the last quarter. State Street Corp raised its position in Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares in the last quarter. Finally, Primecap Management Co. CA raised its position in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares in the last quarter. Hedge funds and other institutional investors own 54.20% of the company’s stock.
About Barracuda Networks
Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.
To view Vetr’s full report, visit Vetr’s official website.
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