Barracuda Networks, Inc. (CUDA) Receives Average Rating of “Buy” from Brokerages
Barracuda Networks, Inc. (NYSE:CUDA) has been assigned an average recommendation of “Buy” from the twenty research firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $26.46.
CUDA has been the topic of several research analyst reports. BidaskClub downgraded Barracuda Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Robert W. Baird reissued a “buy” rating on shares of Barracuda Networks in a research report on Tuesday, July 11th. BTIG Research restated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research note on Thursday, July 13th. Piper Jaffray Companies restated an “overweight” rating and set a $28.00 price target (down previously from $29.00) on shares of Barracuda Networks in a research note on Wednesday, July 12th. Finally, Stifel Nicolaus restated a “buy” rating and set a $32.00 price target on shares of Barracuda Networks in a research note on Wednesday, July 19th.
Barracuda Networks (CUDA) traded up 0.09% during mid-day trading on Tuesday, hitting $23.37. The company had a trading volume of 348,450 shares. The stock’s 50 day moving average price is $23.17 and its 200 day moving average price is $22.73. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $26.69. The firm has a market cap of $1.24 billion, a P/E ratio of 123.00 and a beta of 3.30.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. Barracuda Networks had a negative return on equity of 1,770.56% and a net margin of 2.81%. The business had revenue of $94.18 million during the quarter, compared to analyst estimates of $91.18 million. During the same period last year, the company earned $0.20 earnings per share. Barracuda Networks’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts predict that Barracuda Networks will post $0.76 EPS for the current fiscal year.
In other news, CFO Dustin Driggs sold 1,250 shares of Barracuda Networks stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $22.02, for a total transaction of $27,525.00. Following the completion of the transaction, the chief financial officer now directly owns 105,467 shares in the company, valued at $2,322,383.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Diane Honda sold 7,026 shares of Barracuda Networks stock in a transaction dated Saturday, July 1st. The shares were sold at an average price of $22.89, for a total transaction of $160,825.14. Following the transaction, the vice president now owns 100,085 shares of the company’s stock, valued at $2,290,945.65. The disclosure for this sale can be found here. Insiders have sold 896,778 shares of company stock valued at $21,563,162 in the last three months. 13.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CUDA. Vanguard Group Inc. raised its position in Barracuda Networks by 7.5% in the second quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock worth $67,660,000 after buying an additional 204,731 shares during the last quarter. Systematic Financial Management LP raised its stake in shares of Barracuda Networks by 24.4% in the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock valued at $50,094,000 after buying an additional 426,715 shares in the last quarter. Clearbridge Investments LLC raised 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 valued at $47,006,000 after buying an additional 16,324 shares in the last quarter. ETF Managers Group LLC acquired a new stake in Barracuda Networks during the second quarter valued at about $44,968,000. Finally, Penserra Capital Management LLC raised its stake in Barracuda Networks by 7.3% in the first quarter. Penserra Capital Management LLC now owns 1,540,156 shares of the communications equipment provider’s stock valued at $35,593,000 after buying an additional 105,154 shares during the period. 61.61% of the stock is currently owned by 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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