Barracuda Networks Inc. (CUDA) Earns Underweight Rating from Imperial Capital
Other equities analysts have also recently issued reports about the company. JMP Securities reissued a sell rating on shares of Barracuda Networks in a report on Saturday, July 9th. Summit Research started coverage on Barracuda Networks in a research note on Friday, July 1st. They issued a hold rating for the company. Summit Redstone restated a hold rating and issued a $15.00 price objective on shares of Barracuda Networks in a research note on Saturday, July 2nd. DA Davidson lowered Barracuda Networks from a neutral rating to an underperform rating and upped their price objective for the stock from $17.00 to $19.50 in a research note on Friday, August 12th. They noted that the move was a valuation call. Finally, BTIG Research restated a buy rating and issued a $20.00 price objective on shares of Barracuda Networks in a research note on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $24.58.
Shares of Barracuda Networks (NYSE:CUDA) opened at 25.05 on Thursday. The firm’s 50-day moving average price is $24.23 and its 200 day moving average price is $19.42. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 626.25 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 released its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.08. The firm had revenue of $87.90 million for the quarter. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. Barracuda Networks’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 earnings per share. On average, equities research analysts forecast that Barracuda Networks will post $0.57 EPS for the current year.
In related news, Director Jeffry R. Allen sold 6,403 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $20.75, for a total value of $132,862.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Dean M. Drako sold 146,232 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total transaction of $3,218,566.32. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. acquired a new position in shares of Barracuda Networks during the first quarter worth approximately $2,512,000. Spark Investment Management LLC acquired a new position in shares of Barracuda Networks during the first quarter worth approximately $1,262,000. Primecap Management Co. CA increased 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. Geode Capital Management LLC increased its position 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 worth $1,964,000 after buying an additional 1,373 shares during the last quarter. Finally, A.R.T. Advisors LLC increased its position 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 worth $1,599,000 after buying an additional 16,400 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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