DA Davidson Reiterates $22.00 Price Target for Barracuda Networks Inc. (CUDA)
CUDA has been the subject of several other research reports. Zacks Investment Research raised Barracuda Networks from a hold rating to a strong-buy rating and set a $27.00 target price for the company in a research report on Friday, October 7th. Vetr downgraded Barracuda Networks from a strong-buy rating to a buy rating and set a $24.75 target price for the company. in a research report on Wednesday, August 24th. Pacific Crest raised Barracuda Networks from a sector weight rating to an overweight rating and upped their target price for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. Rosenblatt Securities initiated coverage on Barracuda Networks in a research report on Monday, August 1st. They issued a buy rating and a $30.00 target price for the company. Finally, JMP Securities upped their target price on Barracuda Networks from $13.00 to $15.00 and gave the stock a market underperform rating in a research report on Wednesday, October 12th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Barracuda Networks has a consensus rating of Hold and a consensus price target of $24.58.
Barracuda Networks (NYSE:CUDA) opened at 25.52 on Wednesday. The firm’s 50-day moving average price is $24.15 and its 200 day moving average price is $19.29. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 638.00 and a beta of 3.60. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $26.69.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The firm earned $87.90 million during the quarter. During the same period last year, the firm posted $0.10 EPS. Barracuda Networks’s revenue was up 12.1% on a year-over-year basis. On average, equities research analysts forecast that Barracuda Networks will post $0.57 EPS for the current year.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 93,585 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $22.15, for a total transaction of $2,072,907.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Insiders own 39.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of CUDA. Okumus Fund Management Ltd. purchased a new position in shares of Barracuda Networks during the first quarter worth about $68,773,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Barracuda Networks during the second quarter worth about $6,264,000. BlackRock Fund Advisors raised its position 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 worth $8,562,000 after buying an additional 330,942 shares during the last quarter. State Street Corp raised its position 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 worth $6,219,000 after buying an additional 283,843 shares during the last quarter. Finally, Primecap Management Co. CA raised its position 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 worth $14,091,000 after buying an additional 250,000 shares during the last quarter. 53.98% 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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