Barracuda Networks’ (CUDA) “Underweight” Rating Reaffirmed at Imperial Capital
Several other research firms have also recently weighed in on CUDA. Pacific Crest upgraded Barracuda Networks from a sector weight rating to an overweight rating and lifted their price objective for the company from $23.27 to $30.00 in a report on Tuesday, August 30th. DA Davidson set a $20.00 price objective on Barracuda Networks and gave the company a sell rating in a report on Tuesday, October 4th. BTIG Research lifted their price objective on Barracuda Networks from $26.00 to $28.00 and gave the company a buy rating in a report on Wednesday. Morgan Stanley reiterated an equal weight rating and set a $23.00 price objective (up previously from $19.00) on shares of Barracuda Networks in a report on Wednesday. Finally, Vetr upgraded Barracuda Networks from a buy rating to a strong-buy rating and set a $26.50 price objective on the stock in a report on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $24.46.
Shares of Barracuda Networks (NYSE:CUDA) traded up 2.0887% during midday trading on Thursday, reaching $25.8897. The company’s stock had a trading volume of 944,197 shares. Barracuda Networks has a 12 month low of $9.44 and a 12 month high of $26.69. The company has a 50-day moving average price of $24.05 and a 200-day moving average price of $19.21. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 647.2425 and a beta of 3.61.
Barracuda Networks (NYSE:CUDA) last issued its earnings results on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Barracuda Networks had a negative return on equity of 56.63% and a net margin of 2.03%. The firm had revenue of $87.90 million for the quarter. During the same quarter last year, the business posted $0.10 EPS. Barracuda Networks’s quarterly revenue was up 12.1% on a year-over-year basis. Equities analysts expect that Barracuda Networks will post $0.57 earnings per share for the current year.
In other Barracuda Networks news, Director Jeffry R. Allen sold 6,403 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $20.75, for a total value of $132,862.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gordon Stitt bought 4,000 shares of the stock in a transaction on Tuesday, November 8th. The stock was purchased at an average cost of $20.81 per share, with a total value of $83,240.00. The disclosure for this purchase can be found here. 39.60% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of the company. Okumus Fund Management Ltd. purchased a new position in shares of Barracuda Networks during the first quarter worth about $68,773,000. Vanguard Group Inc. boosted its position in shares of Barracuda Networks by 3.2% in the second quarter. Vanguard Group Inc. now owns 1,523,258 shares of the company’s stock worth $23,063,000 after buying an additional 47,118 shares during the last quarter. Primecap Management Co. CA boosted its position in shares of 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. BlackRock Institutional Trust Company N.A. boosted its position in shares of Barracuda Networks by 32.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 574,917 shares of the company’s stock worth $8,704,000 after buying an additional 140,555 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of 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. 54.20% of the stock is owned by institutional investors and hedge funds.
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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