Barracuda Networks Inc. (CUDA) Upgraded to “Buy” by 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 note issued to investors on Tuesday.
A number of other analysts have also issued reports on CUDA. Rosenblatt Securities assumed coverage on Barracuda Networks in a report on Monday, August 1st. They issued a “buy” rating and a $30.00 target price for the company. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Friday, July 8th. BTIG Research restated a “buy” rating and issued a $20.00 target price on shares of Barracuda Networks in a report on Friday, July 8th. 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 report on Wednesday, August 24th. Finally, Stifel Nicolaus increased their target price on Barracuda Networks from $26.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, October 12th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $24.77.
Shares of Barracuda Networks (NYSE:CUDA) traded down 0.79% during midday trading on Tuesday, hitting $23.82. The stock had a trading volume of 474,976 shares. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The firm has a 50-day moving average price of $24.27 and a 200-day moving average price of $19.48. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 595.50 and a beta of 3.61.
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Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data 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 business earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 earnings per share. On average, equities analysts anticipate that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In related news, major shareholder Dean M. Drako sold 6,415 shares of Barracuda Networks stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $22.02, for a total transaction of $141,258.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Dean M. Drako sold 93,585 shares of Barracuda Networks stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $22.15, for a total value of $2,072,907.75. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in CUDA. Algert Global LLC increased its stake in 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 during the period. Schwab Charles Investment Management Inc. increased its stake in 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 during the period. American Century Companies Inc. purchased a new stake in Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY purchased a new stake in Barracuda Networks during the second quarter worth $250,000. Finally, Numeric Investors LLC purchased a new stake in Barracuda Networks during the second quarter worth $321,000. 53.98% of the stock is currently owned by institutional investors and hedge funds.
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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