Barracuda Networks Inc. (CUDA) Lifted to “Buy” at Summit Redstone
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by investment analysts at Summit Redstone from a “hold” rating to a “buy” rating in a report released on Tuesday.
Other equities research analysts have also issued reports about the stock. JMP Securities reiterated a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. Imperial Capital reiterated an “in-line” rating and set a $17.00 target price (up from $15.00) on shares of Barracuda Networks in a research report on Tuesday, July 12th. Summit Research started coverage on shares of Barracuda Networks in a research report on Friday, July 1st. They set a “hold” rating for the company. DA Davidson lowered shares of Barracuda Networks from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $17.00 to $19.50 in a research report on Friday, August 12th. They noted that the move was a valuation call. Finally, Vetr upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.02 target price for the company in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $24.77.
Shares of Barracuda Networks (NYSE:CUDA) traded down 0.87% during trading on Tuesday, reaching $23.80. 432,068 shares of the company’s stock traded hands. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 595.00 and a beta of 3.61. The company’s 50-day moving average is $24.27 and its 200 day moving average is $19.48. 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 posted its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.08. The firm earned $87.90 million during the quarter. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. Barracuda Networks’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 EPS. Equities analysts forecast that Barracuda Networks will post $0.57 EPS for the current year.
In other Barracuda Networks news, Director Gordon Stitt bought 4,000 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average price of $20.81 per share, for a total transaction of $83,240.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jeffry R. Allen sold 6,403 shares of the business’s stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $20.75, for a total transaction of $132,862.25. The disclosure for this sale can be found here. Company insiders own 39.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC boosted its position 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 worth $585,000 after buying an additional 271 shares during the last quarter. BlackRock Advisors LLC boosted its position 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 worth $156,000 after buying an additional 3,900 shares during the last quarter. US Bancorp DE boosted its position 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 worth $107,000 after buying an additional 4,698 shares during the last quarter. American International Group Inc. boosted its position 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 worth $192,000 after buying an additional 7,922 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its position 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 worth $217,000 after buying an additional 8,935 shares during the last quarter. Hedge funds and other institutional investors 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.
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