Needham & Company LLC reissued their buy rating on shares of Barracuda Networks, Inc. (NYSE:CUDA) in a research note published on Tuesday morning. The firm currently has a $28.00 target price on the communications equipment provider’s stock.

Several other research firms have also recently issued reports on CUDA. Stifel Nicolaus reaffirmed a buy rating and set a $32.00 price objective on shares of Barracuda Networks in a research report on Wednesday, July 19th. Northland Securities reaffirmed a buy rating and set a $28.00 price objective on shares of Barracuda Networks in a research report on Friday, June 30th. BTIG Research reaffirmed a buy rating and set a $30.00 price objective on shares of Barracuda Networks in a research report on Thursday, July 13th. Zacks Investment Research raised shares of Barracuda Networks from a hold rating to a buy rating and set a $26.00 price objective for the company in a research report on Thursday, July 13th. Finally, Imperial Capital lifted their price objective on shares of Barracuda Networks from $20.00 to $21.00 and gave the stock an in-line rating in a research report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $26.59.

Shares of Barracuda Networks (NYSE CUDA) opened at 24.53 on Tuesday. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 129.11 and a beta of 3.28. Barracuda Networks has a one year low of $19.06 and a one year high of $26.69. The stock’s 50 day moving average price is $23.44 and its 200 day moving average price is $22.73.

Barracuda Networks (NYSE:CUDA) last released its quarterly earnings data on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The business had revenue of $94.18 million during the quarter, compared to analysts’ expectations of $91.18 million. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 EPS. Analysts forecast that Barracuda Networks will post $0.76 earnings per share for the current year.

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In other news, Director Michael D. Perone sold 58,724 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $24.27, for a total transaction of $1,425,231.48. Following the transaction, the director now directly owns 2,544,290 shares in the company, valued at $61,749,918.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Diane Honda sold 7,026 shares of the business’s stock in a transaction dated Saturday, July 1st. The stock was sold at an average price of $22.89, for a total transaction of $160,825.14. Following the transaction, the vice president now owns 100,085 shares in the company, valued at $2,290,945.65. The disclosure for this sale can be found here. Insiders sold 1,679,330 shares of company stock valued at $40,539,426 over the last ninety days. Corporate insiders own 13.90% of the company’s stock.

Several institutional investors have recently modified their holdings of CUDA. Vanguard Group Inc. grew its position in Barracuda Networks by 7.5% during the second quarter. Vanguard Group Inc. now owns 2,934,104 shares of the communications equipment provider’s stock worth $67,660,000 after buying an additional 204,731 shares during the period. Systematic Financial Management LP grew its position in Barracuda Networks by 24.4% during the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after buying an additional 426,715 shares during the period. Clearbridge Investments LLC grew its position in Barracuda Networks by 0.8% during the first quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock worth $47,006,000 after buying an additional 16,324 shares during the period. ETF Managers Group LLC acquired a new position in Barracuda Networks during the second quarter worth about $44,968,000. Finally, Penserra Capital Management LLC grew its position in Barracuda Networks by 7.3% during the first quarter. Penserra Capital Management LLC now owns 1,540,156 shares of the communications equipment provider’s stock worth $35,593,000 after buying an additional 105,154 shares during the period. Institutional investors and hedge funds own 65.98% of the company’s stock.

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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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