Barracuda Networks Inc. (CUDA) Releases Earnings Results
Barracuda Networks Inc. (NYSE:CUDA) announced its earnings results on Tuesday. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.13 by $0.08. The business had revenue of $87.90 million for the quarter. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.10 earnings per share. Barracuda Networks updated its Q3 guidance to $0.14-0.15 EPS.
Shares of Barracuda Networks (NYSE:CUDA) opened at 25.47 on Thursday. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $26.69. The firm’s 50-day moving average price is $23.96 and its 200 day moving average price is $19.17. The company has a market cap of $1.33 billion, a P/E ratio of 636.75 and a beta of 3.61.
Several brokerages recently commented on CUDA. JMP Securities reiterated a “sell” rating on shares of Barracuda Networks in a report on Saturday, July 9th. DA Davidson reiterated a “neutral” rating and set a $15.50 target price on shares of Barracuda Networks in a report on Wednesday, July 6th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Friday, July 8th. Piper Jaffray Cos. upgraded Barracuda Networks from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $18.00 to $32.00 in a research note on Wednesday. Finally, BWS Financial raised their price objective on Barracuda Networks to $30.00 in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $23.79.
In related news, Director Gordon Stitt purchased 4,000 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were bought at an average price of $20.81 per share, with a total value of $83,240.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Dean M. Drako sold 146,232 shares of the stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total value of $3,218,566.32. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Okumus Fund Management Ltd. bought a new position in Barracuda Networks during the first quarter worth $68,773,000. Vanguard Group Inc. increased its position in Barracuda Networks by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,523,258 shares of the company’s stock worth $23,063,000 after buying an additional 47,118 shares during the period. Primecap Management Co. CA increased its position in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock worth $14,091,000 after buying an additional 250,000 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Barracuda Networks by 32.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 574,917 shares of the company’s stock worth $8,704,000 after buying an additional 140,555 shares during the period. Finally, BlackRock Fund Advisors increased its position in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock worth $8,562,000 after buying an additional 330,942 shares during the period. 54.20% of the stock is currently owned by institutional investors.
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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