Barracuda Networks, Inc. (CUDA) Given Buy Rating at Stifel Nicolaus
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating reiterated by stock analysts at Stifel Nicolaus in a research report issued to clients and investors on Wednesday. They presently have a $32.00 price objective on the communications equipment provider’s stock. Stifel Nicolaus’ price target points to a potential upside of 35.88% from the stock’s current price.
A number of other brokerages also recently commented on CUDA. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Barracuda Networks in a research note on Wednesday, April 19th. Robert W. Baird reissued a “buy” rating on shares of Barracuda Networks in a research note on Tuesday, April 18th. Northland Securities reissued a “buy” rating and issued a $28.00 price objective on shares of Barracuda Networks in a research note on Friday, June 30th. BTIG Research reissued a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research note on Thursday, July 13th. Finally, Zacks Investment Research raised shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $26.59.
Barracuda Networks (CUDA) traded up 1.36% during mid-day trading on Wednesday, hitting $23.87. The company had a trading volume of 179,578 shares. The company has a 50 day moving average of $22.66 and a 200 day moving average of $22.74. Barracuda Networks has a 1-year low of $19.06 and a 1-year high of $26.69. The firm has a market capitalization of $1.26 billion, a PE ratio of 125.63 and a beta of 3.33.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 EPS for the quarter, hitting analysts’ consensus estimates of $0.18. The company had revenue of $94.18 million during the quarter, compared to the consensus estimate of $91.18 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. Barracuda Networks’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.20 earnings per share. Analysts predict that Barracuda Networks will post $0.76 earnings per share for the current fiscal year.
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In other news, Director Michael D. Perone sold 403,060 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $24.13, for a total transaction of $9,725,837.80. Following the sale, the director now directly owns 3,112,640 shares of the company’s stock, valued at $75,108,003.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Dustin Driggs sold 1,250 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $22.29, for a total transaction of $27,862.50. Following the sale, the chief financial officer now directly owns 36,717 shares in the company, valued at $818,421.93. The disclosure for this sale can be found here. Insiders have sold 504,358 shares of company stock worth $12,122,372 over the last three months. Corporate insiders own 13.90% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Crow Point Partners LLC acquired a new stake in Barracuda Networks during the second quarter valued at approximately $205,000. AMI Asset Management Corp acquired a new stake in Barracuda Networks during the second quarter valued at approximately $10,897,000. Atria Investments LLC acquired a new stake in Barracuda Networks during the second quarter valued at approximately $204,000. Clearbridge Investments LLC raised its stake in Barracuda Networks by 0.8% in the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock valued at $47,006,000 after buying an additional 16,324 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in Barracuda Networks during the first quarter valued at approximately $2,696,000. 62.77% of the stock is currently owned by hedge funds and other institutional investors.
Barracuda Networks Company Profile
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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