Barracuda Networks Inc. (CUDA) Short Interest Down 35.1% in October
Barracuda Networks Inc. (NYSE:CUDA) saw a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 929,503 shares, a drop of 35.1% from the October 14th total of 1,431,997 shares. Based on an average daily volume of 691,606 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.8% of the company’s shares are sold short.
Barracuda Networks (NYSE:CUDA) opened at 24.08 on Friday. The firm’s 50-day moving average is $24.11 and its 200-day moving average is $20.43. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 185.23 and a beta of 3.62. Barracuda Networks has a 1-year low of $9.44 and a 1-year high of $26.69.
Barracuda Networks (NYSE:CUDA) last posted its quarterly earnings data on Tuesday, October 11th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The business earned $87.90 million during the quarter. Barracuda Networks had a net margin of 2.03% and a negative return on equity of 56.63%. Barracuda Networks’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share. On average, equities analysts anticipate that Barracuda Networks will post $0.69 EPS for the current year.
A number of brokerages have weighed in on CUDA. Robert W. Baird began coverage on shares of Barracuda Networks in a report on Monday, November 14th. They issued an “outperform” rating and a $29.00 price target on the stock. Vetr upgraded shares of Barracuda Networks from a “buy” rating to a “strong-buy” rating and set a $25.56 target price on the stock in a report on Tuesday, November 8th. Summit Redstone upgraded shares of Barracuda Networks from a “hold” rating to a “buy” rating in a report on Tuesday, October 18th. Zacks Investment Research upgraded shares of Barracuda Networks from a “hold” rating to a “strong-buy” rating and set a $29.00 target price on the stock in a report on Friday, October 14th. Finally, Stephens restated a “neutral” rating and set a $24.00 target price (up previously from $18.00) on shares of Barracuda Networks in a report on Thursday, October 13th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Barracuda Networks presently has an average rating of “Buy” and an average target price of $24.98.
In other Barracuda Networks news, major shareholder Dean M. Drako sold 111,758 shares of Barracuda Networks stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $24.15, for a total value of $2,698,955.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Dean M. Drako sold 146,232 shares of Barracuda Networks stock in a transaction on 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. 39.60% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake 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 period. Penserra Capital Management LLC increased its stake in shares of Barracuda Networks by 38.1% in the third quarter. Penserra Capital Management LLC now owns 1,059,877 shares of the company’s stock worth $27,005,000 after buying an additional 292,574 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Barracuda Networks by 12.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 648,419 shares of the company’s stock worth $16,522,000 after buying an additional 73,502 shares during the period. BlackRock Fund Advisors increased its stake in shares of Barracuda Networks by 6.7% in the third quarter. BlackRock Fund Advisors now owns 603,624 shares of the company’s stock worth $15,380,000 after buying an additional 38,134 shares during the period. Finally, Cortina Asset Management LLC increased its stake in shares of Barracuda Networks by 4.7% in the second quarter. Cortina Asset Management LLC now owns 527,886 shares of the company’s stock worth $7,992,000 after buying an additional 23,885 shares during the period. 55.42% of the stock is owned by institutional investors and hedge funds.
About Barracuda Networks
Barracuda Networks, Inc designs and delivers security and data protection solutions. The Company offers cloud-enabled solutions that enable customers to address security threats, manage network performance, and protect and store their data. Its solutions are designed to manage information technology operations for its customers.
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