Barracuda Networks Inc. (CUDA) Upgraded by Vetr Inc. to Hold
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by stock analysts at Vetr from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday. The firm presently has a $22.90 price objective on the stock. Vetr‘s target price suggests a potential downside of 1.84% from the company’s previous close.
Other analysts have also recently issued reports about the stock. Pacific Crest raised shares of Barracuda Networks from a “sector weight” rating to an “overweight” rating and increased their price objective for the stock from $23.27 to $30.00 in a research note on Tuesday, August 30th. DA Davidson set a $20.00 price objective on shares of Barracuda Networks and gave the stock a “sell” rating in a research note on Tuesday, October 4th. Rosenblatt Securities assumed coverage on shares of Barracuda Networks in a research note on Monday, August 1st. They issued a “buy” rating and a $30.00 price objective for the company. Imperial Capital reissued an “in-line” rating and issued a $17.00 price objective (up from $15.00) on shares of Barracuda Networks in a research note on Tuesday, July 12th. Finally, Zacks Investment Research cut shares of Barracuda Networks from a “buy” rating to a “hold” rating in a research note on Monday, July 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Barracuda Networks has a consensus rating of “Hold” and a consensus target price of $20.96.
Shares of Barracuda Networks (NYSE:CUDA) traded down 2.95% during trading on Tuesday, reaching $23.33. 1,492,059 shares of the company were exchanged. The stock’s 50 day moving average is $23.86 and its 200 day moving average is $19.13. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $25.77. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 583.25 and a beta of 3.60.
Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a net margin of 0.67% and a negative return on equity of 33.60%. The business earned $87.90 million during the quarter, compared to analysts’ expectations of $85.27 million. During the same period in the prior year, the company earned $0.10 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. Equities analysts anticipate that Barracuda Networks will post $0.57 earnings per share for the current year.
In related news, SVP Michael D. Hughes sold 4,468 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $25.05, for a total value of $111,923.40. Following the transaction, the senior vice president now owns 113,971 shares of the company’s stock, valued at approximately $2,854,973.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David Faugno sold 25,000 shares of the firm’s stock in a transaction dated 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. 39.60% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. 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. Los Angeles Capital Management & Equity Research Inc. bought a new position in Barracuda Networks during the second quarter valued at approximately $179,000. Finally, Algert Global LLC bought a new position in Barracuda Networks during the second quarter valued at approximately $182,000. 54.20% of the stock is currently owned by 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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