Rosenblatt Securities Reaffirms Buy Rating for Barracuda Networks, Inc. (CUDA)
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a note issued to investors on Sunday.
The analysts wrote, “We spent time with several teenagers this week to better understand how they used the social media platforms. It was eye-opening how engaged the teenagers were with Snapchat. Snapchat was by far their favorite social media platform, followed by Instagram, and Facebook. The teens pointed to the Maps feature on Snapchat as one of their favorites. What’s more, all stated that they plan to continue using the app in college and beyond. Instagram was a close second with all the teens believing that Instagram has done an effective job mimicking the Snapchat features. Several teens used the word boring” to describe Facebook and they all stated that their time spent on Facebook had diminished over the past year. However, they maintain a presence on the platform and check in often, primarily for news and events.””
Other equities analysts also recently issued reports about the company. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Thursday, July 13th. BidaskClub upgraded Barracuda Networks from a “strong sell” rating to a “sell” rating in a research report on Friday, September 8th. Robert W. Baird reiterated a “buy” rating and set a $29.00 target price on shares of Barracuda Networks in a research report on Wednesday. Pacific Crest reiterated an “overweight” rating and set a $30.00 target price on shares of Barracuda Networks in a research report on Wednesday, June 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $28.00 target price on shares of Barracuda Networks in a research report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $28.10.
Barracuda Networks (NYSE:CUDA) traded up 0.63% during midday trading on Friday, hitting $22.31. 1,826,590 shares of the stock traded hands. Barracuda Networks has a 52-week low of $19.06 and a 52-week high of $26.16. The firm’s 50-day moving average is $24.18 and its 200-day moving average is $22.90. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 131.24 and a beta of 3.27.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The business had revenue of $94.30 million for the quarter, compared to the consensus estimate of $93.32 million. During the same period in the prior year, the business earned $0.21 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. Analysts predict that Barracuda Networks will post $0.75 EPS for the current year.
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In other Barracuda Networks news, Director Michael D. Perone sold 236,987 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $24.02, for a total transaction of $5,692,427.74. Following the transaction, the director now owns 2,988,898 shares of the company’s stock, valued at approximately $71,793,329.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $22.63, for a total value of $28,287.50. Following the transaction, the chief financial officer now directly owns 105,471 shares in the company, valued at approximately $2,386,808.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,061,041 shares of company stock valued at $75,270,743. 13.90% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its holdings in shares of Barracuda Networks by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 717 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Barracuda Networks in the 2nd quarter worth approximately $113,000. Legal & General Group Plc lifted its holdings in shares of Barracuda Networks by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after purchasing an additional 828 shares during the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Barracuda Networks by 2.9% in the 1st quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock worth $146,000 after purchasing an additional 177 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of Barracuda Networks by 17.6% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,374 shares of the communications equipment provider’s stock worth $167,000 after purchasing an additional 1,104 shares during the last quarter. 65.96% of the stock is currently owned by institutional investors and hedge funds.
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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