Barracuda Networks’ (CUDA) “Equal Weight” Rating Reiterated at Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Barracuda Networks Inc. (NYSE:CUDA) in a research report released on Wednesday morning. Morgan Stanley currently has a $23.00 price objective on the stock, up from their prior price objective of $19.00.
A number of other equities analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Barracuda Networks from a hold rating to a strong-buy rating and set a $27.00 price target on the stock in a research note on Friday, October 7th. Summit Redstone reissued a hold rating and issued a $15.00 price objective on shares of Barracuda Networks in a research note on Saturday, July 2nd. Vetr cut shares of Barracuda Networks from a strong-buy rating to a buy rating and set a $26.50 price objective on the stock. in a research note on Monday, September 19th. Piper Jaffray Cos. reissued a neutral rating and issued a $18.00 price objective (up from $17.00) on shares of Barracuda Networks in a research note on Sunday, July 10th. Finally, Pacific Crest raised shares of Barracuda Networks from a sector weight rating to an overweight rating and increased their price objective for the company from $23.27 to $30.00 in a research note on Tuesday, August 30th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Barracuda Networks has a consensus rating of Hold and a consensus target price of $24.58.
Barracuda Networks (NYSE:CUDA) opened at 25.52 on Wednesday. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $26.69. The firm’s 50-day moving average is $24.15 and its 200 day moving average is $19.29. The stock has a market capitalization of $1.33 billion, a P/E ratio of 638.00 and a beta of 3.60.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, topping the Zacks’ 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 period last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts expect that Barracuda Networks will post $0.57 EPS for the current year.
In related news, major shareholder Dean M. Drako sold 58,899 shares of the stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $26.40, for a total transaction of $1,554,933.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gordon Stitt bought 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The shares were acquired at an average cost of $20.81 per share, with a total value of $83,240.00. The disclosure for this purchase can be found here. Corporate insiders own 39.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CUDA. Prudential Financial Inc. acquired a new stake in Barracuda Networks during the first quarter worth about $2,512,000. Spark Investment Management LLC purchased a new stake in shares of Barracuda Networks during the first quarter valued at about $1,262,000. 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. Geode Capital Management LLC increased its stake in shares of Barracuda Networks by 1.1% in the first quarter. Geode Capital Management LLC now owns 127,648 shares of the company’s stock valued at $1,964,000 after buying an additional 1,373 shares during the period. Finally, A.R.T. Advisors LLC increased its stake in shares of Barracuda Networks by 18.7% in the first quarter. A.R.T. Advisors LLC now owns 103,890 shares of the company’s stock valued at $1,599,000 after buying an additional 16,400 shares during the period. 53.98% of the stock is owned by hedge funds and other institutional investors.
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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