Barracuda Networks Inc. (CUDA) Given New $28.00 Price Target at BTIG Research
Barracuda Networks Inc. (NYSE:CUDA) had its price objective increased by BTIG Research from $26.00 to $28.00 in a research note published on Wednesday morning. BTIG Research currently has a buy rating on the stock.
Several other equities research analysts also recently commented on CUDA. Imperial Capital restated an in-line rating and issued a $15.00 price target (down previously from $16.00) on shares of Barracuda Networks in a research report on Thursday, June 30th. Summit Research initiated coverage on shares of Barracuda Networks in a research report on Friday, July 1st. They issued a hold rating for the company. Summit Redstone restated a hold rating and issued a $15.00 price target on shares of Barracuda Networks in a research report on Saturday, July 2nd. DA Davidson restated a neutral rating and issued a $15.50 price target on shares of Barracuda Networks in a research report on Wednesday, July 6th. Finally, Pacific Crest restated a hold rating on shares of Barracuda Networks in a research report on Thursday, July 7th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $23.79.
Shares of Barracuda Networks (NYSE:CUDA) traded up 0.389% on Wednesday, hitting $25.569. 474,771 shares of the stock were exchanged. The company has a market cap of $1.33 billion, a P/E ratio of 639.225 and a beta of 3.61. Barracuda Networks has a one year low of $9.44 and a one year high of $26.69. The firm’s 50-day moving average is $23.96 and its 200-day moving average is $19.17.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 50.65%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. On average, equities analysts forecast that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other Barracuda Networks news, SVP Michael D. Hughes sold 5,000 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $101,150.00. Following the completion of the sale, the senior vice president now directly owns 114,513 shares of the company’s stock, valued at approximately $2,316,597.99. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Dean M. Drako sold 93,585 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $22.15, for a total transaction of $2,072,907.75. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in shares of 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 worth $1,232,000 after buying an additional 33,349 shares during the period. American Century Companies Inc. acquired a new position in Barracuda Networks during the second quarter worth approximately $3,356,000. Strs Ohio increased its position in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock worth $1,452,000 after buying an additional 18,000 shares during the last quarter. Bank of Montreal Can acquired a new position in Barracuda Networks during the second quarter worth approximately $232,000. Finally, Hershey Trust Co. increased 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 worth $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.
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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