Rosenblatt Securities Reaffirms “Buy” Rating for Barracuda Networks Inc. (CUDA)
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a report issued on Thursday. They presently have a $30.00 price objective on the stock. Rosenblatt Securities’ price objective points to a potential upside of 18.30% from the stock’s previous close.
CUDA has been the subject of several other reports. Vetr downgraded Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 target price for the company. in a report on Monday, September 19th. JMP Securities upped their target price on Barracuda Networks from $13.00 to $15.00 and gave the company a “market underperform” rating in a report on Wednesday. Stifel Nicolaus increased their price objective on Barracuda Networks from $26.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday. BWS Financial increased their price objective on Barracuda Networks from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Zacks Investment Research raised 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 issued a hold rating and eight have assigned a buy rating to the stock. Barracuda Networks has an average rating of “Hold” and a consensus target price of $23.94.
Shares of Barracuda Networks (NYSE:CUDA) traded down 0.43% during mid-day trading on Thursday, hitting $25.36. The stock 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 firm has a market cap of $1.32 billion, a price-to-earnings ratio of 634.00 and a beta of 3.61. The company has a 50-day moving average of $24.05 and a 200 day moving average of $19.21.
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Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, beating the 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 business earned $87.90 million during the quarter. During the same period in the prior year, the company earned $0.10 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts forecast that Barracuda Networks will post $0.57 earnings per share for the current year.
In other news, Director Gordon Stitt acquired 4,000 shares of Barracuda Networks stock in a transaction on Tuesday, November 8th. The stock was bought at an average price of $20.81 per share, for a total transaction of $83,240.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffry R. Allen sold 6,403 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $20.75, for a total value of $132,862.25. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Okumus Fund Management Ltd. purchased a new stake in shares of Barracuda Networks during the first quarter worth approximately $68,773,000. Spark Investment Management LLC purchased a new stake in shares of Barracuda Networks during the first quarter worth approximately $1,262,000. A.R.T. Advisors LLC increased its stake in shares of 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 in the last quarter. Jana Partners LLC purchased a new stake in shares of Barracuda Networks during the first quarter worth approximately $1,540,000. Finally, Prudential Financial Inc. purchased a new stake in shares of Barracuda Networks during the first quarter worth approximately $2,512,000. 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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