Barracuda Networks Inc. (CUDA) Given a $22.00 Price Target by DA Davidson Analysts
Barracuda Networks Inc. (NYSE:CUDA) has been given a $22.00 price objective by equities researchers at DA Davidson in a note issued to investors on Wednesday. The firm currently has a a “sell” rating on the stock. DA Davidson’s target price points to a potential downside of 13.62% from the company’s previous close.
Several other brokerages have also recently issued reports on CUDA. Imperial Capital restated an “underweight” rating on shares of Barracuda Networks in a research note on Thursday. Pacific Crest upgraded Barracuda Networks from a “sector weight” rating to an “overweight” rating and increased their price target for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. BTIG Research increased their price target on Barracuda Networks from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley reiterated an “equal weight” rating and set a $23.00 price target (up from $19.00) on shares of Barracuda Networks in a research report on Wednesday. Finally, Vetr upgraded Barracuda Networks from a “buy” rating to a “strong-buy” rating and set a $26.50 price target on the stock in a research report on Tuesday, August 30th. Three 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 currently has a consensus rating of “Hold” and an average target price of $23.94.
Barracuda Networks (NYSE:CUDA) traded up 3.30% during mid-day trading on Wednesday, hitting $26.31. The company had a trading volume of 1,334,840 shares. The stock’s 50 day moving average price is $23.96 and its 200 day moving average price is $19.17. The firm has a market cap of $1.37 billion, a P/E ratio of 657.75 and a beta of 3.61. Barracuda Networks has a 52-week low of $9.44 and a 52-week 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 Thomson Reuters’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The firm had revenue of $87.90 million for the quarter. During the same quarter in the previous year, the company earned $0.10 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts predict that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other news, major shareholder Dean M. Drako sold 146,232 shares of the stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $22.01, for a total value of $3,218,566.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dean M. Drako sold 3,768 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $22.01, for a total value of $82,933.68. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Okumus Fund Management Ltd. acquired a new stake in Barracuda Networks during the first quarter worth about $68,773,000. Vanguard Group Inc. raised its stake in shares of Barracuda Networks by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,523,258 shares of the company’s stock valued at $23,063,000 after buying an additional 47,118 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of 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. BlackRock Institutional Trust Company N.A. raised its stake in shares of Barracuda Networks by 32.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 574,917 shares of the company’s stock valued at $8,704,000 after buying an additional 140,555 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of 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. 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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