Zacks Investment Research upgraded shares of Barracuda Networks Inc. (NYSE:CUDA) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning. The firm currently has $27.00 price objective on the stock.
According to Zacks, “Barracuda Networks, Inc. is engaged in designing and delivering security and storage solutions. Its products span three distinct markets, including: 1) content security, 2) networking and application delivery and 3) data storage, protection and disaster recovery. It offers cloud-connected solutions that help its customers address security threats, enhance network performance, and protect and store their data. Barracuda Networks, Inc. is headquartered in Campbell, California. “
Several other equities analysts have also weighed in on the stock. Summit Redstone restated a hold rating and set a $15.00 target price on shares of Barracuda Networks in a report on Saturday, July 2nd. Vetr downgraded shares of Barracuda Networks from a strong-buy rating to a buy rating and set a $26.50 price target on the stock. in a research note on Monday, September 19th. Piper Jaffray Cos. reaffirmed a neutral rating and set a $18.00 price target (up previously from $17.00) on shares of Barracuda Networks in a research note on Sunday, July 10th. DA Davidson downgraded shares of Barracuda Networks from a neutral rating to an underperform rating and lifted their price target for the stock from $17.00 to $19.50 in a research note on Friday, August 12th. They noted that the move was a valuation call. Finally, Pacific Crest raised shares of Barracuda Networks from a sector weight rating to an overweight rating and lifted their price target for the stock from $23.27 to $30.00 in a research note on Tuesday, August 30th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $20.96.
Shares of Barracuda Networks (NYSE:CUDA) opened at 23.33 on Friday. The firm has a market cap of $1.22 billion, a P/E ratio of 583.25 and a beta of 3.61. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $25.77. The stock’s 50 day moving average is $23.86 and its 200 day moving average is $19.13.
Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business had revenue of $87.90 million for the quarter, compared to analyst estimates of $85.27 million. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. On average, equities research analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other Barracuda Networks news, Director Gordon Stitt purchased 4,000 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The stock was acquired at an average cost of $20.81 per share, with a total value of $83,240.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO David Faugno sold 25,000 shares of Barracuda Networks stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $19.90, for a total transaction of $497,500.00. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CUDA. US Bancorp DE raised its position in Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock valued at $107,000 after buying an additional 4,698 shares during the period. BlackRock Advisors LLC raised its position in Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock valued at $156,000 after buying an additional 3,900 shares during the period. AHL Partners LLP acquired a new position in Barracuda Networks during the second quarter valued at approximately $158,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Barracuda Networks during the second quarter valued at approximately $179,000. Finally, Algert Global LLC acquired a new position in Barracuda Networks during the second quarter valued at approximately $182,000. 54.20% of the stock is owned by institutional investors and hedge funds.
About Barracuda Networks
Barracuda Networks, Inc (Barracuda Networks) designs and delivers security and storage solutions. The Company offers cloud-connected solutions for its customers to address security threats, improve network performance and protect and store their data. The Company’s security and storage solutions are connected to its cloud services, which enable continuous software updates, offsite redundancy and distributed capacity, and are offered on a subscription basis.
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