Rosenblatt Securities restated their buy rating on shares of Barracuda Networks, Inc. (NYSE:CUDA) in a research note released on Monday morning. They currently have a $30.00 price objective on the communications equipment provider’s stock.
Several other research firms also recently issued reports on CUDA. BidaskClub upgraded Barracuda Networks from a strong sell rating to a sell rating in a report on Saturday, October 7th. Needham & Company LLC restated a buy rating and set a $28.00 price objective on shares of Barracuda Networks in a report on Tuesday, September 12th. Stifel Nicolaus restated a buy rating and set a $32.00 price objective on shares of Barracuda Networks in a report on Tuesday, September 12th. Robert W. Baird restated a buy rating on shares of Barracuda Networks in a report on Tuesday, July 11th. Finally, BTIG Research restated a buy rating and set a $30.00 price objective on shares of Barracuda Networks in a report on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Barracuda Networks presently has a consensus rating of Buy and an average price target of $27.84.
Shares of Barracuda Networks (CUDA) opened at 22.17 on Monday. Barracuda Networks has a one year low of $19.06 and a one year high of $26.40. The stock has a market capitalization of $1.17 billion, a P/E ratio of 116.68 and a beta of 3.27. The stock’s 50 day moving average is $24.15 and its 200-day moving average is $22.90.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.17. The firm had revenue of $94.30 million for the quarter, compared to the consensus estimate of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 EPS. On average, equities research analysts expect that Barracuda Networks will post $0.75 EPS for the current year.
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In related news, CFO Dustin Driggs sold 1,250 shares of the business’s 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 completion of the sale, the chief financial officer now owns 105,471 shares of the company’s stock, valued at approximately $2,386,808.73. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael D. Perone sold 598,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 10th. The shares were sold at an average price of $25.72, for a total value of $15,380,560.00. The disclosure for this sale can be found here. Insiders sold a total of 3,061,041 shares of company stock worth $75,270,743 in the last quarter. 13.90% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Crow Point Partners LLC grew its stake in shares of Barracuda Networks by 94.1% in the 3rd quarter. Crow Point Partners LLC now owns 17,548 shares of the communications equipment provider’s stock valued at $422,000 after buying an additional 8,506 shares in the last quarter. Wasatch Advisors Inc. bought a new stake in shares of Barracuda Networks in the 2nd quarter valued at approximately $1,759,000. California State Teachers Retirement System grew its stake in shares of Barracuda Networks by 2.8% in the 2nd quarter. California State Teachers Retirement System now owns 44,551 shares of the communications equipment provider’s stock valued at $1,027,000 after buying an additional 1,200 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Barracuda Networks in the 2nd quarter valued at approximately $243,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Barracuda Networks by 17.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 138,105 shares of the communications equipment provider’s stock valued at $3,186,000 after buying an additional 20,572 shares in the last quarter. 65.96% of the stock is owned by institutional investors and hedge funds.
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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