Robert W. Baird Reaffirms “Outperform” Rating for Barracuda Networks Inc. (CUDA)
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “outperform” rating restated by research analysts at Robert W. Baird in a report issued on Wednesday. They currently have a $29.00 target price on the stock. Robert W. Baird’s target price would indicate a potential upside of 31.58% from the stock’s previous close.
A number of other research analysts have also commented on the company. Vetr raised Barracuda Networks from a “buy” rating to a “strong-buy” rating and set a $26.25 price objective on the stock in a report on Monday. Summit Redstone raised Barracuda Networks from a “hold” rating to a “buy” rating in a report on Tuesday, October 18th. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a report on Friday, October 14th. Stephens reaffirmed a “neutral” rating and issued a $24.00 price objective (up from $18.00) on shares of Barracuda Networks in a report on Thursday, October 13th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a report on Thursday, October 13th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $25.01.
Shares of Barracuda Networks (NYSE:CUDA) traded down 3.08% during midday trading on Wednesday, reaching $22.04. The company’s stock had a trading volume of 460,984 shares. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69. The company’s 50-day moving average price is $23.81 and its 200-day moving average price is $21.08. The company has a market cap of $1.15 billion, a PE ratio of 169.54 and a beta of 3.62.
Barracuda Networks (NYSE:CUDA) last posted its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.08. The business 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%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 earnings per share. On average, equities analysts anticipate that Barracuda Networks will post $0.69 EPS for the current fiscal year.
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In other news, major shareholder Dean M. Drako sold 58,899 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gordon Stitt purchased 4,000 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The stock was bought 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 company insiders.
Several large investors have recently modified their holdings of CUDA. State of Wisconsin Investment Board acquired a new stake in Barracuda Networks during the third quarter valued at approximately $3,949,000. Strs Ohio boosted its stake in Barracuda Networks by 23.1% in the second quarter. Strs Ohio now owns 95,936 shares of the company’s stock valued at $1,452,000 after buying an additional 18,000 shares in the last quarter. Swiss National Bank boosted its stake in Barracuda Networks by 54.1% in the second quarter. Swiss National Bank now owns 45,000 shares of the company’s stock valued at $681,000 after buying an additional 15,800 shares in the last quarter. California State Teachers Retirement System boosted its stake in Barracuda Networks by 164.5% in the second quarter. California State Teachers Retirement System now owns 46,151 shares of the company’s stock valued at $699,000 after buying an additional 28,704 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake 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 valued at $1,146,000 after buying an additional 24,436 shares in the last quarter. 54.32% of the stock is owned by institutional investors.
Barracuda Networks Company Profile
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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