Barracuda Networks Inc. (CUDA) Raised to Overweight at Piper Jaffray Cos.
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by research analysts at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a research report issued on Wednesday, The Fly reports.
Other equities analysts also recently issued reports about the stock. Rosenblatt Securities initiated coverage on shares of Barracuda Networks in a report on Monday, August 1st. They issued a “buy” rating and a $30.00 target price for the company. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Friday, July 8th. BTIG Research reiterated a “buy” rating and issued a $20.00 target price on shares of Barracuda Networks in a report on Friday, July 8th. Vetr downgraded shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $24.75 target price for the company. in a report on Wednesday, August 24th. Finally, Pacific Crest reiterated a “hold” rating on shares of Barracuda Networks in a report on Thursday, July 7th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Barracuda Networks presently has an average rating of “Hold” and an average target price of $21.32.
Shares of Barracuda Networks (NYSE:CUDA) opened at 23.33 on Wednesday. Barracuda Networks has a one year low of $9.44 and a one year high of $25.77. The stock has a 50 day moving average of $23.86 and a 200-day moving average of $19.13. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.61.
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Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.08. The firm earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.10 earnings per share. On average, equities analysts expect that Barracuda Networks will post $0.57 earnings per share for the current year.
In other Barracuda Networks news, Director Gordon Stitt bought 4,000 shares of Barracuda Networks stock in a transaction dated Tuesday, November 8th. The stock was acquired at an average cost of $20.81 per share, with a total value of $83,240.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO David Faugno sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total value of $497,500.00. The disclosure for this sale can be found here. 39.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in CUDA. Bank of New York Mellon Corp increased its position in shares of Barracuda Networks by 69.3% in the second quarter. Bank of New York Mellon Corp now owns 81,445 shares of the company’s stock valued at $1,232,000 after buying an additional 33,349 shares during the last quarter. American Century Companies Inc. acquired a new position in shares of Barracuda Networks during the second quarter valued at $3,356,000. Strs Ohio increased its position in shares of Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock valued at $1,452,000 after buying an additional 18,000 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Barracuda Networks during the second quarter valued at $232,000. Finally, Hershey Trust Co. increased its position in shares of Barracuda Networks by 106.9% in the second quarter. Hershey Trust Co. now owns 19,827 shares of the company’s stock valued at $300,000 after buying an additional 10,245 shares during the last quarter. 54.20% of the stock is owned by institutional investors and hedge funds.
Barracuda Networks Company Profile
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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