Stifel Nicolaus Increases Barracuda Networks Inc. (CUDA) Price Target to $32.00
Barracuda Networks Inc. (NYSE:CUDA) had its price target lifted by research analysts at Stifel Nicolaus from $26.00 to $32.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ target price indicates a potential upside of 37.16% from the company’s current price.
Several other equities research analysts also recently issued reports on the stock. Imperial Capital downgraded shares of Barracuda Networks from an “in-line” rating to an “underperform” rating and raised their target price for the company from $17.00 to $20.00 in a research note on Tuesday, October 4th. Vetr downgraded shares of Barracuda Networks from a “buy” rating to a “hold” rating and set a $24.75 target price for the company. in a research note on Tuesday, October 4th. DA Davidson reiterated an “underperform” rating and issued a $19.50 target price on shares of Barracuda Networks in a research note on Wednesday, October 5th. Zacks Investment Research downgraded shares of Barracuda Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 7th. Finally, Piper Jaffray Cos. upgraded shares of Barracuda Networks from a “neutral” rating to an “overweight” rating in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Barracuda Networks has a consensus rating of “Hold” and a consensus target price of $21.32.
Barracuda Networks (NYSE:CUDA) opened at 23.33 on Wednesday. The firm has a market capitalization of $1.22 billion, a PE ratio of 583.25 and a beta of 3.61. The stock’s 50 day moving average price is $23.86 and its 200 day moving average price is $19.13. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $25.77.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 EPS for the quarter, topping 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 company earned $87.90 million during the quarter. During the same quarter in the prior year, the company earned $0.10 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts expect that Barracuda Networks will post $0.57 earnings per share for the current fiscal year.
In other Barracuda Networks news, SVP Michael D. Hughes sold 4,468 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $25.05, for a total value of $111,923.40. Following the sale, the senior vice president now owns 113,971 shares in the company, valued at $2,854,973.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William D. Jenkins, Jr. sold 4,000 shares of the firm’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 transaction of $80,920.00. Following the completion of the sale, the chief executive officer now owns 625,934 shares in the company, valued at approximately $12,662,644.82. The disclosure for this sale can be found here. 39.60% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. US Bancorp DE raised its position in shares of Barracuda Networks by 199.2% in the second quarter. US Bancorp DE now owns 7,057 shares of the company’s stock worth $107,000 after buying an additional 4,698 shares during the period. BlackRock Advisors LLC raised its position in shares of Barracuda Networks by 60.8% in the second quarter. BlackRock Advisors LLC now owns 10,312 shares of the company’s stock worth $156,000 after buying an additional 3,900 shares during the period. AHL Partners LLP acquired a new position in shares of Barracuda Networks during the second quarter worth approximately $158,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Barracuda Networks during the second quarter worth approximately $179,000. Finally, Algert Global LLC acquired a new position in shares of Barracuda Networks during the second quarter worth approximately $182,000. Hedge funds and other institutional investors own 54.20% of the company’s stock.
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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