Barracuda Networks Inc. (NYSE:CUDA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The brokerage presently has a $29.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 13.64% from the company’s previous close.
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. “
A number of other equities analysts have also recently issued reports on the stock. Stephens restated a “neutral” rating and issued a $24.00 price objective (up previously from $18.00) on shares of Barracuda Networks in a research report on Thursday. Rosenblatt Securities restated a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research report on Thursday. DA Davidson set a $22.00 price objective on shares of Barracuda Networks and gave the company a “sell” rating in a research report on Wednesday. Imperial Capital set a $20.00 price objective on shares of Barracuda Networks and gave the company a “sell” rating in a research report on Wednesday. Finally, BWS Financial lifted their target price on shares of Barracuda Networks from $26.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $24.58.
Barracuda Networks (NYSE:CUDA) traded up 0.63% during midday trading on Friday, hitting $25.52. 1,605,440 shares of the company were exchanged. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69. The firm has a market capitalization of $1.33 billion, a PE ratio of 638.00 and a beta of 3.61. The stock has a 50 day moving average of $24.11 and a 200 day moving average of $19.25.
Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. The firm had revenue of $87.90 million for the quarter. During the same quarter in the previous year, the firm posted $0.10 EPS. Barracuda Networks’s revenue was up 12.1% compared to the same quarter last year. On average, equities analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, major shareholder Dean M. Drako sold 3,768 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $22.01, for a total transaction of $82,933.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael D. Hughes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $22.22, for a total transaction of $111,100.00. Following the transaction, the senior vice president now directly owns 109,513 shares of the company’s stock, valued at $2,433,378.86. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CUDA. Bank of New York Mellon Corp boosted its position in Barracuda Networks by 69.3% in the second quarter. Bank of New York Mellon Corp now owns 81,445 shares of the company’s stock valued at $1,232,000 after buying an additional 33,349 shares during the last quarter. American Century Companies Inc. bought a new position in Barracuda Networks during the second quarter valued at $3,356,000. Strs Ohio boosted its position in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock valued at $1,452,000 after buying an additional 18,000 shares during the last quarter. Bank of Montreal Can bought a new position in Barracuda Networks during the second quarter valued at $232,000. Finally, Hershey Trust Co. boosted its position in Barracuda Networks by 106.9% in the second quarter. Hershey Trust Co. now owns 19,827 shares of the company’s stock valued at $300,000 after buying an additional 10,245 shares during the last quarter. 54.20% of the stock is owned by hedge funds and other institutional investors.
Barracuda Networks Company Profile
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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