Barracuda Networks Inc. (CUDA) Stock Rating Reaffirmed by DA Davidson
Barracuda Networks Inc. (NYSE:CUDA)‘s stock had its “underperform” rating restated by equities researchers at DA Davidson in a research report issued on Wednesday. They presently have a $19.50 price objective on the stock. DA Davidson’s price objective would suggest a potential downside of 20.86% from the company’s current price.
Several other analysts have also recently issued reports on the stock. Summit Redstone reiterated a “hold” rating and issued a $15.00 target price on shares of Barracuda Networks in a research note on Saturday, July 2nd. Vetr cut shares of Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 target price on the stock. in a research note on Monday, September 19th. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $18.00 target price (up from $17.00) on shares of Barracuda Networks in a research note on Sunday, July 10th. Pacific Crest upgraded shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and increased their target price for the stock from $23.27 to $30.00 in a research note on Tuesday, August 30th. Finally, Summit Research initiated coverage on shares of Barracuda Networks in a research note on Friday, July 1st. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $20.72.
Barracuda Networks (NYSE:CUDA) opened at 24.64 on Wednesday. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 616.00 and a beta of 3.61. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $25.77. The company has a 50-day moving average of $23.69 and a 200 day moving average of $18.90.
In other news, CFO David Faugno sold 25,000 shares of the firm’s stock in a transaction dated Thursday, July 14th. The shares were sold at an average price of $19.90, for a total value of $497,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William D. Jenkins, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $20.23, for a total transaction of $80,920.00. Following the completion of the sale, the chief executive officer now directly owns 625,934 shares of the company’s stock, valued at $12,662,644.82. The disclosure for this sale can be found here. Company insiders own 39.60% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Okumus Fund Management Ltd. bought a new stake in Barracuda Networks during the first quarter valued at approximately $68,773,000. Norges Bank bought a new stake in Barracuda Networks during the fourth quarter valued at approximately $8,979,000. Fuller & Thaler Asset Management Inc. bought a new stake in Barracuda Networks during the second quarter valued at approximately $6,264,000. BlackRock Fund Advisors boosted its stake in Barracuda Networks by 141.1% in the second quarter. BlackRock Fund Advisors now owns 565,490 shares of the company’s stock valued at $8,562,000 after buying an additional 330,942 shares in the last quarter. Finally, State Street Corp boosted its stake in Barracuda Networks by 223.6% in the second quarter. State Street Corp now owns 410,761 shares of the company’s stock valued at $6,219,000 after buying an additional 283,843 shares in the last quarter. 54.20% of the stock is owned by hedge funds and other 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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