Stephens Reiterates Neutral Rating for Barracuda Networks Inc. (CUDA)
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “neutral” rating reissued by research analysts at Stephens in a research report issued on Thursday. They currently have a $24.00 price target on the stock, up from their previous price target of $18.00. Stephens’ price objective would suggest a potential downside of 5.36% from the company’s current price.
CUDA has been the topic of several other reports. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $27.00 target price on the stock in a 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 on the stock. in a report on Wednesday, August 24th. Pacific Crest upgraded Barracuda Networks from a “sector weight” rating to an “overweight” rating and lifted their target price for the stock from $23.27 to $30.00 in a 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 report on Tuesday, October 4th. Finally, Rosenblatt Securities started coverage on Barracuda Networks in a report on Monday, August 1st. They set a “buy” rating and a $30.00 target price on the stock. 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. The stock presently 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 mid-day trading on Thursday, reaching $25.36. The company’s stock had a trading volume of 2,369,420 shares. The company has a market capitalization of $1.32 billion, a PE ratio of 634.00 and a beta of 3.61. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $26.69. The firm’s 50 day moving average is $24.05 and its 200-day moving average is $19.21.
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Barracuda Networks (NYSE:CUDA) last posted its quarterly 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. Barracuda Networks had a negative return on equity of 50.65% and a net margin of 2.03%. The business had revenue of $87.90 million for the quarter. During the same quarter in the prior year, the business earned $0.10 earnings per share. The firm’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 other news, SVP Michael D. Hughes sold 4,468 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $25.05, for a total transaction of $111,923.40. Following the completion of the sale, the senior vice president now owns 113,971 shares in the company, valued at $2,854,973.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gordon Stitt acquired 4,000 shares of Barracuda Networks stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average price of $20.81 per share, with a total value of $83,240.00. The disclosure for this purchase can be found here. Corporate insiders own 39.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Algert Global LLC boosted 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 worth $1,048,000 after buying an additional 29,122 shares in the last quarter. Schwab Charles Investment Management Inc. boosted 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 worth $1,146,000 after buying an additional 24,436 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Barracuda Networks during the second quarter worth about $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Barracuda Networks during the second quarter worth about $250,000. Finally, Numeric Investors LLC purchased a new stake in shares of Barracuda Networks during the second quarter worth about $321,000. Institutional investors own 54.20% of the company’s stock.
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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