BTIG Research Reaffirms “Buy” Rating for Barracuda Networks, Inc. (NYSE:CUDA)
BTIG Research reiterated their buy rating on shares of Barracuda Networks, Inc. (NYSE:CUDA) in a report issued on Thursday, July 13th. They currently have a $30.00 price target on the communications equipment provider’s stock.
CUDA has been the subject of a number of other research reports. Stifel Nicolaus restated a buy rating and set a $32.00 target price on shares of Barracuda Networks in a research report on Tuesday, April 18th. Zacks Investment Research lowered shares of Barracuda Networks from a hold rating to a sell rating in a research report on Thursday, April 20th. Pacific Crest reiterated an overweight rating and set a $30.00 price objective on shares of Barracuda Networks in a research report on Wednesday, June 28th. Rosenblatt Securities reiterated a buy rating and set a $30.00 price objective on shares of Barracuda Networks in a research report on Monday, June 26th. Finally, TheStreet upgraded shares of Barracuda Networks from a d rating to a c rating in a research report on Monday, April 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Barracuda Networks has a consensus rating of Buy and a consensus price target of $26.59.
Shares of Barracuda Networks (NYSE:CUDA) traded up 0.66% on Thursday, hitting $22.86. 241,111 shares of the stock traded hands. The firm has a market cap of $1.21 billion, a P/E ratio of 120.32 and a beta of 3.30. Barracuda Networks has a 52 week low of $19.06 and a 52 week high of $26.69. The stock has a 50-day moving average price of $22.89 and a 200 day moving average price of $22.73.
Barracuda Networks (NYSE:CUDA) last issued its earnings results on Monday, July 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.18. Barracuda Networks had a net margin of 2.81% and a negative return on equity of 1,770.56%. The firm had revenue of $94.18 million during the quarter, compared to analyst estimates of $91.18 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. Barracuda Networks’s revenue for the quarter was up 8.7% on a year-over-year basis. Equities research analysts predict that Barracuda Networks will post $0.76 EPS for the current fiscal year.
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In other news, Director Michael D. Perone sold 403,060 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $24.13, for a total value of $9,725,837.80. Following the sale, the director now directly owns 3,112,640 shares in the company, valued at approximately $75,108,003.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William D. Jenkins, Jr. sold 80,612 shares of the firm’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $24.02, for a total transaction of $1,936,300.24. Following the completion of the sale, the chief executive officer now owns 621,108 shares in the company, valued at $14,919,014.16. The disclosure for this sale can be found here. Insiders have sold a total of 501,766 shares of company stock worth $12,073,560 in the last three months. Insiders own 13.90% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in Barracuda Networks by 2.5% in the second quarter. American Century Companies Inc. now owns 294,076 shares of the communications equipment provider’s stock worth $6,781,000 after buying an additional 7,108 shares during the period. Victory Capital Management Inc. boosted its stake in Barracuda Networks by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,793 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 717 shares during the period. Virginia Retirement Systems ET AL bought a new stake in Barracuda Networks during the second quarter worth approximately $710,000. Frontier Capital Management Co. LLC bought a new stake in Barracuda Networks during the second quarter worth approximately $9,125,000. Finally, Legal & General Group Plc boosted its stake in Barracuda Networks by 15.7% in the second quarter. Legal & General Group Plc now owns 6,112 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 828 shares during the period. Institutional investors own 63.70% of the company’s stock.
Barracuda Networks Company Profile
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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