Barracuda Networks Inc. (CUDA) Updates Q3 Earnings Guidance
Barracuda Networks Inc. (NYSE:CUDA) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.14-0.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.12. The company issued revenue guidance of $85-87 million, compared to the consensus revenue estimate of $85.42 million.
Several brokerages have recently issued reports on CUDA. JMP Securities reiterated a sell rating on shares of Barracuda Networks in a research report on Saturday, July 9th. Stifel Nicolaus lifted their target price on Barracuda Networks from $26.00 to $32.00 and gave the stock a buy rating in a report on Wednesday. Piper Jaffray Cos. upgraded Barracuda Networks from a neutral rating to an overweight rating and lifted their target price for the stock from $18.00 to $32.00 in a report on Wednesday. Morgan Stanley lifted their target price on Barracuda Networks from $19.00 to $23.00 and gave the stock an equal weight rating in a report on Wednesday. Finally, Zacks Investment Research cut Barracuda Networks from a strong-buy rating to a hold rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $23.79.
Shares of Barracuda Networks Inc. (NYSE:CUDA) opened at 25.47 on Thursday. The stock has a 50 day moving average price of $23.96 and a 200 day moving average price of $19.17. The firm has a market cap of $1.33 billion, a PE ratio of 636.75 and a beta of 3.61. Barracuda Networks Inc. has a 12 month low of $9.44 and a 12 month high of $26.69.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The company earned $87.90 million during the quarter. During the same quarter in the prior year, the company earned $0.10 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Barracuda Networks Inc. will post $0.57 EPS for the current year.
In related news, SVP Michael D. Hughes sold 4,468 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $25.05, for a total value of $111,923.40. Following the completion of the sale, the senior vice president now directly owns 113,971 shares in the company, valued at approximately $2,854,973.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael D. Hughes sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $20.23, for a total transaction of $101,150.00. Following the completion of the sale, the senior vice president now owns 114,513 shares of the company’s stock, valued at $2,316,597.99. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Large investors have recently modified their holdings of the stock. US Bancorp DE increased its stake in shares of 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 increased its stake in shares of 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 purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $158,000. Algert Global LLC purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $182,000. Finally, Pacad Investment Ltd. purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $183,000. Institutional investors and hedge funds own 54.20% of the company’s stock.
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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