Barracuda Networks Inc. (CUDA) Upgraded by Vetr Inc. to Buy
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by research analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $26.02 price objective on the stock. Vetr‘s price objective would indicate a potential upside of 8.37% from the company’s current price.
Other equities research analysts have also issued research reports about the stock. Imperial Capital reissued an “underweight” rating on shares of Barracuda Networks in a research note on Thursday, October 13th. Pacific Crest raised shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and lifted their target price for the company from $23.27 to $30.00 in a research note on Tuesday, August 30th. DA Davidson set a $20.00 target price on shares of Barracuda Networks and gave the company a “sell” rating in a research note on Tuesday, October 4th. BTIG Research lifted their target price on shares of Barracuda Networks from $26.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, October 12th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $23.00 target price (up previously from $19.00) on shares of Barracuda Networks in a research note on Wednesday, October 12th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Barracuda Networks currently has an average rating of “Hold” and a consensus price target of $24.77.
Barracuda Networks (NYSE:CUDA) traded down 4.15% during trading on Tuesday, reaching $24.01. 1,516,040 shares of the company’s stock were exchanged. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The company’s 50-day moving average is $24.27 and its 200-day moving average is $19.48. The company has a market capitalization of $1.25 billion, a PE ratio of 600.25 and a beta of 3.60.
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Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. The firm earned $87.90 million during the quarter. During the same period in the prior year, the business posted $0.10 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts expect that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, Director Jeffry R. Allen sold 6,403 shares of Barracuda Networks stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $20.75, for a total transaction of $132,862.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michael D. Hughes sold 5,000 shares of Barracuda Networks stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $22.22, for a total transaction of $111,100.00. Following the sale, the senior vice president now owns 109,513 shares in the company, valued at $2,433,378.86. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of CUDA. Parametric Portfolio Associates LLC raised its stake in shares of Barracuda Networks by 0.7% in the second quarter. Parametric Portfolio Associates LLC now owns 38,620 shares of the company’s stock valued at $585,000 after buying an additional 271 shares during the period. BlackRock Advisors LLC raised its stake in shares of Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock valued at $156,000 after buying an additional 3,900 shares during the period. US Bancorp DE raised its stake in shares of Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock valued at $107,000 after buying an additional 4,698 shares during the period. American International Group Inc. raised its stake in shares of Barracuda Networks by 166.8% in the second quarter. American International Group Inc. now owns 12,670 shares of the company’s stock valued at $192,000 after buying an additional 7,922 shares during the period. Finally, Nationwide Fund Advisors raised its stake in shares of Barracuda Networks by 165.3% in the second quarter. Nationwide Fund Advisors now owns 14,340 shares of the company’s stock valued at $217,000 after buying an additional 8,935 shares during the period. Institutional investors and hedge funds own 53.98% 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.
To view Vetr’s full report, visit Vetr’s official website.
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