Barracuda Networks’ (CUDA) “Buy” Rating Reiterated at Rosenblatt Securities
“We spent time with several teenagers this week to better understand how they used the social media platforms. It was eye-opening how engaged the teenagers were with Snapchat. Snapchat was by far their favorite social media platform, followed by Instagram, and Facebook. The teens pointed to the Maps feature on Snapchat as one of their favorites. What’s more, all stated that they plan to continue using the app in college and beyond. Instagram was a close second with all the teens believing that Instagram has done an effective job mimicking the Snapchat features. Several teens used the word boring” to describe Facebook and they all stated that their time spent on Facebook had diminished over the past year. However, they maintain a presence on the platform and check in often, primarily for news and events.”,” Rosenblatt Securities’ analyst wrote.
A number of other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Barracuda Networks from a hold rating to a sell rating in a research report on Friday, October 13th. Robert W. Baird reiterated a buy rating and issued a $29.00 target price on shares of Barracuda Networks in a research report on Wednesday, October 11th. J P Morgan Chase & Co reiterated a buy rating and issued a $35.00 target price on shares of Barracuda Networks in a research report on Wednesday, October 11th. KeyCorp reiterated a buy rating and issued a $30.00 target price on shares of Barracuda Networks in a research report on Wednesday, October 11th. Finally, BidaskClub upgraded shares of Barracuda Networks from a strong sell rating to a sell rating in a research report on Saturday, October 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $28.10.
Barracuda Networks (CUDA) opened at 22.56 on Friday. The firm has a market capitalization of $1.20 billion, a P/E ratio of 132.71 and a beta of 3.27. The firm’s 50-day moving average is $24.18 and its 200 day moving average is $22.89. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $26.40.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. Barracuda Networks had a net margin of 2.52% and a return on equity of 197.30%. The company had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. During the same period in the previous year, the firm posted $0.21 EPS. The firm’s revenue was up 7.3% compared to the same quarter last year. On average, analysts expect that Barracuda Networks will post $0.75 EPS for the current fiscal year.
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In other news, CEO William D. Jenkins, Jr. sold 16,500 shares of Barracuda Networks stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.00, for a total transaction of $396,000.00. Following the sale, the chief executive officer now owns 604,608 shares of the company’s stock, valued at approximately $14,510,592. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael D. Perone sold 236,987 shares of Barracuda Networks stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $24.02, for a total transaction of $5,692,427.74. Following the sale, the director now directly owns 2,988,898 shares in the company, valued at approximately $71,793,329.96. The disclosure for this sale can be found here. Insiders sold 3,060,416 shares of company stock worth $75,256,537 in the last 90 days. Corporate insiders own 13.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CUDA. US Bancorp DE boosted its stake in shares of Barracuda Networks by 170.8% during the 1st quarter. US Bancorp DE now owns 8,226 shares of the communications equipment provider’s stock valued at $191,000 after purchasing an additional 5,188 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Barracuda Networks by 4.0% during the 1st quarter. Bank of New York Mellon Corp now owns 122,232 shares of the communications equipment provider’s stock valued at $2,825,000 after purchasing an additional 4,694 shares in the last quarter. Comerica Bank bought a new stake in shares of Barracuda Networks during the 1st quarter valued at about $949,000. Ameriprise Financial Inc. bought a new stake in shares of Barracuda Networks during the 1st quarter valued at about $4,867,000. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Barracuda Networks by 2.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock valued at $776,000 after purchasing an additional 655 shares in the last quarter. 65.47% of the stock is currently owned by hedge funds and other 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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