Barracuda Networks, Inc. (CUDA) Stock Rating Reaffirmed by Northland Securities
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by research analysts at Northland Securities in a report issued on Friday. They currently have a $28.00 target price on the communications equipment provider’s stock. Northland Securities’ price target indicates a potential upside of 21.95% from the company’s previous close.
Several other research firms also recently issued reports on CUDA. Needham & Company LLC reissued a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a research report on Wednesday, April 19th. Robert W. Baird reissued a “buy” rating on shares of Barracuda Networks in a research report on Tuesday, April 18th. Zacks Investment Research downgraded Barracuda Networks from a “buy” rating to a “hold” rating in a research report on Thursday, March 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a research report on Wednesday, April 19th. Finally, Piper Jaffray Companies cut their target price on Barracuda Networks from $32.00 to $29.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Barracuda Networks has a consensus rating of “Buy” and an average target price of $26.78.
Shares of Barracuda Networks (CUDA) traded down 0.43% during mid-day trading on Friday, reaching $22.96. The company’s stock had a trading volume of 341,106 shares. The firm’s 50 day moving average is $22.41 and its 200 day moving average is $22.65. Barracuda Networks has a one year low of $14.48 and a one year high of $26.69. The firm has a market cap of $1.22 billion, a PE ratio of 120.84 and a beta of 3.32.
Barracuda Networks (NYSE:CUDA) last released its earnings results on Monday, April 17th. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.04. Barracuda Networks had a negative return on equity of 224.23% and a net margin of 2.90%. The firm had revenue of $89.26 million for the quarter, compared to the consensus estimate of $88.39 million. During the same period in the prior year, the firm earned $0.15 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. On average, equities analysts anticipate that Barracuda Networks will post $0.77 earnings per share for the current fiscal year.
In other news, SVP Michael D. Hughes sold 4,468 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $22.55, for a total transaction of $100,753.40. Following the sale, the senior vice president now directly owns 163,875 shares of the company’s stock, valued at approximately $3,695,381.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Diane Honda sold 2,101 shares of the stock in a transaction dated Wednesday, April 12th. The stock was sold at an average price of $23.46, for a total transaction of $49,289.46. Following the sale, the vice president now directly owns 54,896 shares in the company, valued at $1,287,860.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,786 shares of company stock worth $325,886. Corporate insiders own 13.90% of the company’s stock.
Several large investors have recently bought and sold shares of CUDA. Asset Management One Co. Ltd. raised its stake in Barracuda Networks by 2.9% in the first quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock valued at $146,000 after buying an additional 177 shares during the last quarter. Acrospire Investment Management LLC increased its position in Barracuda Networks by 9.5% in the first quarter. Acrospire Investment Management LLC now owns 6,900 shares of the communications equipment provider’s stock valued at $159,000 after buying an additional 600 shares during the period. US Bancorp DE increased its position in Barracuda Networks by 170.8% in the first quarter. US Bancorp DE now owns 8,226 shares of the communications equipment provider’s stock valued at $191,000 after buying an additional 5,188 shares during the period. Paloma Partners Management Co bought a new position in Barracuda Networks during the first quarter valued at $223,000. Finally, LGL Partners LLC bought a new position in Barracuda Networks during the first quarter valued at $232,000. 62.81% of the stock is currently owned by institutional investors and hedge funds.
About Barracuda Networks
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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