Barracuda Networks Inc. (CUDA) Price Target Raised to $15.00 at JMP Securities
Barracuda Networks Inc. (NYSE:CUDA) had its target price lifted by research analysts at JMP Securities from $13.00 to $15.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “market underperform” rating on the stock. JMP Securities’ price target indicates a potential downside of 35.71% from the company’s previous close.
Several other analysts also recently issued reports on CUDA. Piper Jaffray Cos. raised Barracuda Networks from a “neutral” rating to an “overweight” rating and set a $32.00 price target on the stock in a research note on Wednesday. DA Davidson reissued a “neutral” rating and issued a $15.50 price target on shares of Barracuda Networks in a research note on Wednesday, July 6th. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Friday, July 8th. BTIG Research lifted their price target on Barracuda Networks from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Stifel Nicolaus lifted their target price on Barracuda Networks from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $23.20.
Shares of Barracuda Networks (NYSE:CUDA) traded up 12.82% on Wednesday, reaching $26.32. The company’s stock had a trading volume of 3,513,606 shares. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $26.69. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 658.00 and a beta of 3.61. The stock has a 50-day moving average of $23.86 and a 200 day moving average of $19.13.
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Barracuda Networks (NYSE:CUDA) last released its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The firm had revenue of $87.90 million for the quarter. During the same period in the prior year, the business earned $0.10 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts expect that Barracuda Networks will post $0.57 EPS for the current year.
In other Barracuda Networks news, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total transaction of $497,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Dean M. Drako sold 93,585 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $22.15, for a total value of $2,072,907.75. The disclosure for this sale can be found here. 39.60% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Okumus Fund Management Ltd. acquired a new stake in Barracuda Networks during the first quarter valued at $68,773,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Barracuda Networks during the second quarter valued at $6,264,000. BlackRock Fund Advisors boosted its stake 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 during the last quarter. State Street Corp boosted its stake 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 during the last quarter. Finally, Primecap Management Co. CA boosted its stake 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 during 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.
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