Barracuda Networks’ (CUDA) Buy Rating Reiterated at KeyCorp
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating reissued by equities research analysts at KeyCorp in a research report issued to clients and investors on Wednesday. They currently have a $30.00 price objective on the communications equipment provider’s stock. KeyCorp’s price target would suggest a potential upside of 32.45% from the company’s current price.
Several other equities analysts have also weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a report on Monday. BidaskClub upgraded shares of Barracuda Networks from a “strong sell” rating to a “sell” rating in a report on Saturday. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a report on Tuesday, September 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $32.00 target price on shares of Barracuda Networks in a report on Tuesday, September 12th. Finally, BTIG Research reiterated a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a report on Saturday, July 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $27.25.
Barracuda Networks (CUDA) traded down 12.00% on Wednesday, hitting $22.65. 8,422,896 shares of the company’s stock traded hands. The stock has a market cap of $1.20 billion, a PE ratio of 119.21 and a beta of 3.27. Barracuda Networks has a one year low of $19.06 and a one year high of $26.69. The stock has a 50-day moving average of $24.20 and a 200-day moving average of $22.91.
Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $94.30 million for the quarter, compared to analyst estimates of $93.32 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. Barracuda Networks’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. On average, equities analysts forecast that Barracuda Networks will post $0.76 earnings per share for the current fiscal year.
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In related news, Director Michael D. Perone sold 236,987 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $24.02, for a total transaction of $5,692,427.74. Following the sale, the director now directly owns 2,988,898 shares of the company’s stock, valued at approximately $71,793,329.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.00, for a total transaction of $396,000.00. Following the sale, the chief executive officer now directly owns 604,608 shares in the company, valued at $14,510,592. The disclosure for this sale can be found here. Insiders sold a total of 2,354,783 shares of company stock worth $57,100,375 over the last three months. Insiders own 13.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Crow Point Partners LLC increased its stake in Barracuda Networks by 94.1% during the 3rd quarter. Crow Point Partners LLC now owns 17,548 shares of the communications equipment provider’s stock worth $422,000 after buying an additional 8,506 shares during the period. Wasatch Advisors Inc. purchased a new stake in Barracuda Networks during the 2nd quarter worth approximately $1,759,000. California State Teachers Retirement System increased its stake in Barracuda Networks by 2.8% during the 2nd quarter. California State Teachers Retirement System now owns 44,551 shares of the communications equipment provider’s stock worth $1,027,000 after buying an additional 1,200 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in Barracuda Networks during the 2nd quarter worth approximately $243,000. Finally, The Manufacturers Life Insurance Company increased its stake in Barracuda Networks by 17.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 138,105 shares of the communications equipment provider’s stock worth $3,186,000 after buying an additional 20,572 shares during the period. 65.96% 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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