Barracuda Networks Inc. (CUDA) Price Target Raised to $30.00 at BWS Financial
Barracuda Networks Inc. (NYSE:CUDA) had its price objective raised by analysts at BWS Financial to $30.00 in a research report issued to clients and investors on Wednesday. BWS Financial’s price target indicates a potential upside of 28.59% from the company’s previous close.
CUDA has been the subject of several other reports. Imperial Capital downgraded Barracuda Networks from an “in-line” rating to an “underperform” rating and increased their price objective for the company from $17.00 to $20.00 in a report on Tuesday, October 4th. Vetr downgraded Barracuda Networks from a “buy” rating to a “hold” rating and set a $24.75 price objective for the company. in a report on Tuesday, October 4th. DA Davidson reissued an “underperform” rating and issued a $19.50 price objective on shares of Barracuda Networks in a report on Wednesday, October 5th. Zacks Investment Research downgraded Barracuda Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 7th. Finally, Stifel Nicolaus increased their price objective on Barracuda Networks from $26.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.79.
Barracuda Networks (NYSE:CUDA) traded up 12.452% during midday trading on Wednesday, reaching $26.235. 4,358,171 shares of the company were exchanged. The company has a 50 day moving average of $23.86 and a 200-day moving average of $19.13. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 655.875 and a beta of 3.61. Barracuda Networks has a 52-week low of $9.44 and a 52-week high of $26.69.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. The firm earned $87.90 million during the quarter. Barracuda Networks had a negative return on equity of 33.60% and a net margin of 0.67%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. On average, equities research analysts anticipate that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other news, CFO David Faugno sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total value of $497,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Dean M. Drako sold 146,232 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total value of $3,218,566.32. The disclosure for this sale can be found here. 39.60% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Okumus Fund Management Ltd. bought a new stake in Barracuda Networks during the first quarter worth approximately $68,773,000. Fuller & Thaler Asset Management Inc. bought a new stake in Barracuda Networks during the second quarter worth approximately $6,264,000. BlackRock Fund Advisors raised 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 worth $8,562,000 after buying an additional 330,942 shares during the last quarter. State Street Corp raised 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 worth $6,219,000 after buying an additional 283,843 shares during the last quarter. Finally, Primecap Management Co. CA raised its stake in Barracuda Networks by 37.6% in the first quarter. Primecap Management Co. CA now owns 915,000 shares of the company’s stock worth $14,091,000 after buying an additional 250,000 shares during the last quarter. Institutional investors and hedge funds own 54.20% of the company’s stock.
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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