Barracuda Networks’ (CUDA) “Neutral” Rating Reaffirmed at Stephens
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “neutral” rating restated by Stephens in a report released on Thursday. They currently have a $24.00 price target on the stock, up from their prior price target of $18.00. Stephens’ target price would suggest a potential downside of 5.36% from the company’s current price.
A number of other equities research analysts have also recently issued reports on CUDA. JMP Securities reaffirmed a “sell” rating on shares of Barracuda Networks in a research note on Saturday, July 9th. DA Davidson reaffirmed a “neutral” rating and issued a $15.50 price objective on shares of Barracuda Networks in a research note on Wednesday, July 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research note on Thursday. Imperial Capital set a $20.00 price objective on shares of Barracuda Networks and gave the company a “sell” rating in a research note on Wednesday. Finally, Zacks Investment Research raised shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Friday, July 8th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Barracuda Networks has an average rating of “Hold” and an average target price of $24.46.
Shares of Barracuda Networks (NYSE:CUDA) traded down 0.43% during trading on Thursday, reaching $25.36. 2,369,420 shares of the company were exchanged. The stock has a market capitalization of $1.32 billion, a PE ratio of 634.00 and a beta of 3.61. The stock has a 50-day moving average price of $24.05 and a 200-day moving average price of $19.21. Barracuda Networks has a one year low of $9.44 and a one year high of $26.69.
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Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 50.65%. The company earned $87.90 million during the quarter. During the same period last year, the company posted $0.10 EPS. Barracuda Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts forecast that Barracuda Networks will post $0.57 EPS for the current year.
In related news, major shareholder Dean M. Drako sold 146,232 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total transaction of $3,218,566.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Michael D. Hughes sold 4,468 shares of the stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $25.05, for a total transaction of $111,923.40. Following the sale, the senior vice president now directly owns 113,971 shares in the company, valued at $2,854,973.55. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Algert Global LLC increased its stake in shares of Barracuda Networks by 242.5% in the third quarter. Algert Global LLC now owns 41,130 shares of the company’s stock valued at $1,048,000 after buying an additional 29,122 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock valued at $1,146,000 after buying an additional 24,436 shares during the period. American Century Companies Inc. purchased a new stake in shares of Barracuda Networks during the second quarter valued at approximately $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Barracuda Networks during the second quarter valued at approximately $250,000. Finally, Numeric Investors LLC purchased a new stake in shares of Barracuda Networks during the second quarter valued at approximately $321,000. 54.20% of the stock is currently owned by institutional investors.
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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