Barracuda Networks Inc. (CUDA) Raised to Overweight at Piper Jaffray Cos.
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by equities researchers at Piper Jaffray Cos. from a “neutral” rating to an “overweight” rating in a report released on Wednesday.
A number of other research analysts have also weighed in on CUDA. Imperial Capital reissued an “in-line” rating and set a $15.00 price target (down from $16.00) on shares of Barracuda Networks in a research report on Thursday, June 30th. Summit Research initiated coverage on shares of Barracuda Networks in a research report on Friday, July 1st. They set a “hold” rating on the stock. Summit Redstone reissued a “hold” rating and set a $15.00 price target on shares of Barracuda Networks in a research report on Saturday, July 2nd. DA Davidson reissued a “neutral” rating and set a $15.50 price target on shares of Barracuda Networks in a research report on Wednesday, July 6th. Finally, Pacific Crest reissued a “hold” rating on shares of Barracuda Networks in a research report on Thursday, July 7th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $21.32.
Shares of Barracuda Networks (NYSE:CUDA) opened at 23.33 on Wednesday. The firm’s 50-day moving average is $23.86 and its 200-day moving average is $19.13. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.61. Barracuda Networks has a 12-month low of $9.44 and a 12-month high of $25.77.
Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.08. The firm earned $87.90 million during the quarter. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 earnings per share. Analysts predict that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other Barracuda Networks news, CEO William D. Jenkins, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $20.23, for a total value of $80,920.00. Following the completion of the transaction, the chief executive officer now owns 625,934 shares of the company’s stock, valued at approximately $12,662,644.82. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO David Faugno sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $19.90, for a total transaction of $497,500.00. The disclosure for this sale can be found here. Corporate insiders own 39.60% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Okumus Fund Management Ltd. acquired a new stake in shares of Barracuda Networks during the first quarter worth $68,773,000. Spark Investment Management LLC acquired a new stake in shares of Barracuda Networks during the first quarter worth $1,262,000. A.R.T. Advisors LLC raised its stake in shares of Barracuda Networks by 18.7% in the first quarter. A.R.T. Advisors LLC now owns 103,890 shares of the company’s stock worth $1,599,000 after buying an additional 16,400 shares during the last quarter. Jana Partners LLC acquired a new stake in shares of Barracuda Networks during the first quarter worth $1,540,000. Finally, Prudential Financial Inc. acquired a new stake in shares of Barracuda Networks during the first quarter worth $2,512,000. 54.20% of the stock is owned by institutional investors and hedge funds.
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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