BTIG Research Reaffirms Buy Rating for Barracuda Networks, Inc. (NYSE:CUDA)
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by BTIG Research in a research report issued to clients and investors on Saturday. They presently have a $30.00 target price on the communications equipment provider’s stock. BTIG Research’s price target points to a potential upside of 29.42% from the company’s previous close.
CUDA has been the subject of several other research reports. Stifel Nicolaus reissued a “buy” rating and set a $32.00 price target on shares of Barracuda Networks in a report on Tuesday, April 18th. Zacks Investment Research raised shares of Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Thursday, July 13th. Pacific Crest reissued an “overweight” rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Wednesday, June 28th. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 price target on shares of Barracuda Networks in a report on Monday, June 26th. Finally, TheStreet upgraded Barracuda Networks from a “d” rating to a “c” rating in a report on Monday, April 17th. 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 issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $26.59.
Barracuda Networks (CUDA) traded down 1.70% on Friday, hitting $23.18. 321,248 shares of the company were exchanged. The stock has a market cap of $1.23 billion, a PE ratio of 122.00 and a beta of 3.33. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $26.69. The firm has a 50 day moving average of $22.76 and a 200-day moving average of $22.76.
Barracuda Networks (NYSE:CUDA) last released its earnings results on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The firm had revenue of $94.18 million during the quarter, compared to analyst estimates of $91.18 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities analysts expect that Barracuda Networks will post $0.76 earnings per share for the current fiscal year.
In related news, VP Diane Honda sold 7,026 shares of the stock in a transaction that occurred on Saturday, July 1st. The stock was sold at an average price of $22.89, for a total value of $160,825.14. Following the transaction, the vice president now owns 100,085 shares in the company, valued at $2,290,945.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael D. Perone sold 403,060 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $24.13, for a total value of $9,725,837.80. Following the completion of the transaction, the director now owns 3,112,640 shares in the company, valued at approximately $75,108,003.20. The disclosure for this sale can be found here. Insiders sold 504,983 shares of company stock worth $12,136,578 in the last 90 days. 13.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. Highbridge Capital Management LLC bought a new stake in shares of Barracuda Networks during the fourth quarter worth about $307,000. Clearbridge Investments LLC boosted its stake in shares of 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 worth $47,006,000 after buying an additional 16,324 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Barracuda Networks by 3.0% in the first quarter. American Century Companies Inc. now owns 286,968 shares of the communications equipment provider’s stock worth $6,632,000 after buying an additional 8,477 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Barracuda Networks by 1.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 52,327 shares of the communications equipment provider’s stock worth $1,209,000 after buying an additional 621 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in shares of Barracuda Networks by 981.4% in the fourth quarter. Teachers Advisors LLC now owns 379,655 shares of the communications equipment provider’s stock worth $8,136,000 after buying an additional 344,547 shares during the last quarter. 62.77% of the stock is owned by hedge funds and other institutional investors.
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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