Stifel Nicolaus Increases Barracuda Networks Inc. (CUDA) Price Target to $32.00
Barracuda Networks Inc. (NYSE:CUDA) had its price objective boosted by equities researchers at Stifel Nicolaus from $26.00 to $32.00 in a report released on Wednesday. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 26.18% from the company’s current price.
CUDA has been the topic of several other reports. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a research report on Friday, October 7th. Vetr lowered shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $24.75 price objective on the stock. in a research report on Wednesday, August 24th. Pacific Crest upgraded shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and boosted their price objective for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. DA Davidson set a $20.00 price objective on shares of Barracuda Networks and gave the stock a “sell” rating in a research report on Tuesday, October 4th. Finally, Rosenblatt Securities assumed coverage on shares of Barracuda Networks in a research report on Monday, August 1st. They issued a “buy” rating and a $30.00 price objective on the stock. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. Barracuda Networks has an average rating of “Hold” and a consensus price target of $24.46.
Shares of Barracuda Networks (NYSE:CUDA) opened at 25.36 on Wednesday. The firm’s 50 day moving average is $24.05 and its 200-day moving average is $19.21. The firm has a market capitalization of $1.32 billion, a PE ratio of 634.00 and a beta of 3.61. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69.
Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping the consensus estimate 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 business had revenue of $87.90 million for the quarter. During the same quarter in the prior year, the firm earned $0.10 earnings per share. Barracuda Networks’s quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts expect that Barracuda Networks will post $0.57 EPS for the current fiscal year.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 3,768 shares of the stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $22.01, for a total value of $82,933.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffry R. Allen sold 6,403 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $20.75, for a total transaction of $132,862.25. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Okumus Fund Management Ltd. purchased a new stake in shares of Barracuda Networks during the first quarter valued at about $68,773,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Barracuda Networks during the second quarter valued at about $6,264,000. BlackRock Fund Advisors increased its stake in shares of Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares during the period. State Street Corp increased its stake in shares of Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares during the period. Finally, Primecap Management Co. CA increased its stake in shares of Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock valued at $14,091,000 after buying an additional 250,000 shares during the period. 54.20% of the stock is 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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