Barracuda Networks Inc. (CUDA) Rating Reiterated by Morgan Stanley
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “equal weight” rating restated by Morgan Stanley in a report issued on Wednesday. They currently have a $23.00 price target on the stock, up from their previous price target of $19.00. Morgan Stanley’s price objective points to a potential downside of 9.70% from the stock’s previous close.
A number of other brokerages have also recently commented on CUDA. JMP Securities reissued a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. DA Davidson reissued a “neutral” rating and issued a $15.50 price target on shares of Barracuda Networks in a research report on Wednesday, July 6th. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a report on Friday, July 8th. Piper Jaffray Cos. upgraded shares of Barracuda Networks from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $18.00 to $32.00 in a report on Wednesday. Finally, Vetr lowered shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 price objective for the company. in a report on Monday, September 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $23.79.
Shares of Barracuda Networks (NYSE:CUDA) traded up 3.38% during trading on Wednesday, hitting $26.33. 1,321,490 shares of the stock were exchanged. The stock has a 50-day moving average of $23.96 and a 200 day moving average of $19.17. The stock has a market cap of $1.37 billion, a P/E ratio of 658.25 and a beta of 3.61. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $26.69.
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Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business had revenue of $87.90 million for the quarter. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 earnings per share. Equities analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, SVP Michael D. Hughes sold 5,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total transaction of $101,150.00. Following the sale, the senior vice president now directly owns 114,513 shares in the company, valued at approximately $2,316,597.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gordon Stitt bought 4,000 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The shares were acquired at an average price of $20.81 per share, for a total transaction of $83,240.00. The disclosure for this purchase can be found here. Company insiders own 39.60% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its stake in Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock worth $107,000 after buying an additional 4,698 shares during the period. BlackRock Advisors LLC raised its stake in Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock worth $156,000 after buying an additional 3,900 shares during the period. AHL Partners LLP purchased a new stake in Barracuda Networks during the second quarter worth $158,000. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Barracuda Networks during the second quarter worth $179,000. Finally, Algert Global LLC purchased a new stake in Barracuda Networks during the second quarter worth $182,000. 54.20% of the stock is currently owned by institutional investors.
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.
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