Barracuda Networks Inc. (CUDA) Upgraded by Vetr Inc. to Buy
Barracuda Networks Inc. (NYSE:CUDA) was upgraded by investment analysts at Vetr from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $26.02 price target on the stock. Vetr‘s target price indicates a potential upside of 8.37% from the stock’s current price.
A number of other equities research analysts have also weighed in on the company. Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a report on Friday, October 7th. Summit Redstone reissued a “hold” rating and set a $15.00 price target on shares of Barracuda Networks in a research note on Saturday, July 2nd. Piper Jaffray Cos. reissued a “neutral” rating and set a $18.00 price target (up previously from $17.00) on shares of Barracuda Networks in a research note on Sunday, July 10th. Pacific Crest raised Barracuda Networks from a “sector weight” rating to an “overweight” rating and boosted their price target for the stock from $23.27 to $30.00 in a research note on Tuesday, August 30th. Finally, DA Davidson lowered Barracuda Networks from a “neutral” rating to an “underperform” rating and boosted their price target for the stock from $17.00 to $19.50 in a research note on Friday, August 12th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $24.77.
Barracuda Networks (NYSE:CUDA) traded down 4.15% during midday trading on Tuesday, reaching $24.01. The company’s stock had a trading volume of 1,516,040 shares. The stock has a market capitalization of $1.25 billion, a PE ratio of 600.25 and a beta of 3.60. Barracuda Networks has a 52 week low of $9.44 and a 52 week high of $26.69. The firm’s 50-day moving average price is $24.27 and its 200-day moving average price is $19.48.
Barracuda Networks (NYSE:CUDA) last announced its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share for the quarter, beating 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 company had revenue of $87.90 million for the quarter. During the same period in the prior year, the firm posted $0.10 EPS. Barracuda Networks’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts anticipate that Barracuda Networks will post $0.57 earnings per share for the current year.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 58,899 shares of the company’s stock in a transaction dated Friday, October 14th. The shares were sold at an average price of $26.40, for a total value of $1,554,933.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Dean M. Drako sold 146,232 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $22.01, for a total transaction of $3,218,566.32. The disclosure for this sale can be found here. Insiders own 39.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Algert Global LLC boosted its position in Barracuda Networks by 242.5% in the third quarter. Algert Global LLC now owns 41,130 shares of the company’s stock worth $1,048,000 after buying an additional 29,122 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Barracuda Networks by 47.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 75,644 shares of the company’s stock worth $1,146,000 after buying an additional 24,436 shares during the last quarter. American Century Companies Inc. purchased a new position in Barracuda Networks during the second quarter worth $3,356,000. Metropolitan Life Insurance Co. NY purchased a new position in Barracuda Networks during the second quarter worth $250,000. Finally, Numeric Investors LLC purchased a new position in Barracuda Networks during the second quarter worth $321,000. 53.98% of the stock is owned by institutional investors.
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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