Barracuda Networks Inc. (CUDA) Rating Reiterated by Rosenblatt Securities
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “buy” rating reaffirmed by stock analysts at Rosenblatt Securities in a research note issued on Thursday. They currently have a $30.00 price objective on the stock. Rosenblatt Securities’ target price suggests a potential upside of 18.30% from the stock’s current price.
CUDA has been the subject of several other reports. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $27.00 target price for the company in a research report on Friday, October 7th. Vetr lowered Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $24.75 target price for the company. in a research report on Wednesday, August 24th. Pacific Crest raised Barracuda Networks from a “sector weight” rating to an “overweight” rating and raised their target price for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. DA Davidson set a $20.00 target price on Barracuda Networks and gave the stock a “sell” rating in a research report on Tuesday, October 4th. Finally, Imperial Capital downgraded Barracuda Networks from an “in-line” rating to an “underperform” rating and increased their price target for the stock from $17.00 to $20.00 in a report on Tuesday, October 4th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $23.94.
Shares of Barracuda Networks (NYSE:CUDA) traded down 0.43% during midday trading on Thursday, hitting $25.36. The company had a trading volume of 2,369,420 shares. Barracuda Networks has a one year low of $9.44 and a one year high of $26.69. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 634.00 and a beta of 3.61. The stock’s 50-day moving average price is $24.05 and its 200-day moving average price is $19.21.
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Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 earnings per share. Analysts predict that Barracuda Networks will post $0.57 EPS for the current year.
In related news, Director Gordon Stitt purchased 4,000 shares of the business’s stock in a transaction on Tuesday, November 8th. The stock was acquired at an average price of $20.81 per share, for a total transaction of $83,240.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael D. Hughes sold 5,000 shares of Barracuda Networks stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $101,150.00. Following the transaction, the senior vice president now owns 114,513 shares of the company’s stock, valued at approximately $2,316,597.99. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in CUDA. Okumus Fund Management Ltd. bought a new position in Barracuda Networks during the first quarter worth about $68,773,000. Spark Investment Management LLC bought a new position in Barracuda Networks during the first quarter worth about $1,262,000. A.R.T. Advisors LLC increased its position in Barracuda Networks by 18.7% in the first quarter. A.R.T. Advisors LLC now owns 103,890 shares of the company’s stock worth $1,599,000 after buying an additional 16,400 shares during the period. Jana Partners LLC bought a new position in Barracuda Networks during the first quarter worth about $1,540,000. Finally, Prudential Financial Inc. bought a new position in Barracuda Networks during the first quarter worth about $2,512,000. Institutional investors and hedge funds 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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