Barracuda Networks Inc. (CUDA) Stock Rating Upgraded by Zacks Investment Research
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Friday. The brokerage currently has a $29.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 15.77% from the stock’s previous close.
According to Zacks, “Barracuda Networks, Inc. is engaged in designing and delivering security and storage solutions. Its products span three distinct markets, including: 1) content security, 2) networking and application delivery and 3) data storage, protection and disaster recovery. It offers cloud-connected solutions that help its customers address security threats, enhance network performance, and protect and store their data. Barracuda Networks, Inc. is headquartered in Campbell, California. “
CUDA has been the subject of several other reports. Imperial Capital reissued an “underweight” rating on shares of Barracuda Networks in a research report on Thursday, October 13th. Pacific Crest raised Barracuda Networks from a “sector weight” rating to an “overweight” rating and boosted their price target for the stock from $23.27 to $30.00 in a research report on Tuesday, August 30th. DA Davidson set a $20.00 price target on Barracuda Networks and gave the stock a “sell” rating in a research report on Tuesday, October 4th. BTIG Research boosted their price target on Barracuda Networks from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, October 12th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $23.00 price target (up from $19.00) on shares of Barracuda Networks in a research report on Wednesday, October 12th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Barracuda Networks presently has an average rating of “Hold” and an average price target of $24.58.
Barracuda Networks (NYSE:CUDA) opened at 25.05 on Friday. The stock has a market capitalization of $1.31 billion, a PE ratio of 626.25 and a beta of 3.60. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69. The firm has a 50-day moving average price of $24.23 and a 200 day moving average price of $19.42.
Barracuda Networks (NYSE:CUDA) last issued its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.10 earnings per share. Equities analysts anticipate that Barracuda Networks will post $0.57 earnings per share for the current year.
In related news, major shareholder Dean M. Drako sold 58,899 shares of the company’s stock in a transaction dated Friday, October 14th. The stock was sold at an average price of $26.40, for a total value of $1,554,933.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gordon Stitt purchased 4,000 shares of Barracuda Networks stock in a transaction that occurred on Tuesday, November 8th. The stock was 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. 39.60% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in CUDA. Algert Global LLC boosted its position in Barracuda Networks by 242.5% in the third quarter. Algert Global LLC now owns 41,130 shares of the company’s stock worth $1,048,000 after buying an additional 29,122 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the last quarter. American Century Companies Inc. acquired a new position in Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY acquired a new position in Barracuda Networks during the second quarter worth $250,000. Finally, Numeric Investors LLC acquired a new position in Barracuda Networks during the second quarter worth $321,000. 53.98% of the stock is owned by 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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