Barracuda Networks Inc. (CUDA) Issues Quarterly Earnings Results, Misses Expectations By $0.61 EPS
Barracuda Networks Inc. (NYSE:CUDA) released its quarterly earnings results on Tuesday. The company reported $0.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by $0.61. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%.
Shares of Barracuda Networks (NYSE:CUDA) traded down 2.95% during midday trading on Tuesday, hitting $23.33. The stock had a trading volume of 1,335,161 shares. The firm’s 50-day moving average price is $23.81 and its 200-day moving average price is $19.09. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.60. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77.
A number of research firms have recently weighed in on CUDA. JMP Securities reiterated a “sell” rating on shares of Barracuda Networks in a research report on Saturday, July 9th. DA Davidson reiterated a “neutral” rating and set a $15.50 target price on shares of Barracuda Networks in a research report on Wednesday, July 6th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Friday, July 8th. Vetr downgraded Barracuda Networks from a “strong-buy” rating to a “buy” rating and set a $26.50 target price for the company. in a research report on Monday, September 5th. Finally, BTIG Research reiterated a “buy” rating and set a $20.00 target price on shares of Barracuda Networks in a research report on Friday, July 8th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Barracuda Networks has an average rating of “Hold” and a consensus target price of $21.07.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 3,768 shares of Barracuda Networks stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $22.01, for a total transaction of $82,933.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Dean M. Drako sold 60,000 shares of Barracuda Networks stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $19.62, for a total value of $1,177,200.00. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of CUDA. US Bancorp DE increased its position in Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock valued at $107,000 after buying an additional 4,698 shares in the last quarter. BlackRock Advisors LLC increased its position in Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock valued at $156,000 after buying an additional 3,900 shares in the last quarter. AHL Partners LLP bought a new position in Barracuda Networks during the second quarter valued at approximately $158,000. Algert Global LLC bought a new position in Barracuda Networks during the second quarter valued at approximately $182,000. Finally, Pacad Investment Ltd. bought a new position in Barracuda Networks during the second quarter valued at approximately $183,000. 54.20% of the stock is owned by hedge funds and other institutional investors.
About Barracuda Networks
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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