Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating reaffirmed by equities researchers at Robert W. Baird in a report issued on Wednesday. They presently have a $29.00 target price on the communications equipment provider’s stock. Robert W. Baird’s price objective points to a potential upside of 30.81% from the company’s previous close.

Several other brokerages also recently weighed in on CUDA. Stifel Nicolaus restated a “buy” rating and set a $32.00 target price on shares of Barracuda Networks in a research note on Wednesday, July 19th. Northland Securities reiterated a “buy” rating and issued a $28.00 price objective on shares of Barracuda Networks in a research report on Friday, June 30th. BTIG Research reiterated a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research report on Thursday, July 13th. Zacks Investment Research upgraded Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Thursday, July 13th. Finally, KeyCorp reiterated a “buy” rating and issued a $30.00 price objective on shares of Barracuda Networks in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Barracuda Networks currently has a consensus rating of “Buy” and an average target price of $27.84.

Shares of Barracuda Networks (NYSE:CUDA) opened at 22.17 on Wednesday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 116.68 and a beta of 3.27. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.40. The firm’s 50-day moving average price is $24.15 and its 200 day moving average price is $22.90.

Barracuda Networks (NYSE:CUDA) last announced its earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The firm had revenue of $94.30 million during the quarter, compared to the consensus estimate of $93.32 million. During the same quarter in the prior year, the company earned $0.21 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts predict that Barracuda Networks will post $0.75 EPS for the current fiscal year.

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In other news, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $22.63, for a total value of $28,287.50. Following the completion of the transaction, the chief financial officer now directly owns 105,471 shares of the company’s stock, valued at approximately $2,386,808.73. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William D. Jenkins, Jr. sold 16,500 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $24.00, for a total value of $396,000.00. Following the completion of the transaction, the chief executive officer now directly owns 604,608 shares of the company’s stock, valued at $14,510,592. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,061,041 shares of company stock valued at $75,270,743. 13.90% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Asset Management One Co. Ltd. increased its holdings in Barracuda Networks by 2.9% during the 1st quarter. Asset Management One Co. Ltd. now owns 6,276 shares of the communications equipment provider’s stock valued at $146,000 after purchasing an additional 177 shares in the last quarter. Renaissance Group LLC increased its holdings in Barracuda Networks by 2.5% during the 2nd quarter. Renaissance Group LLC now owns 14,118 shares of the communications equipment provider’s stock valued at $326,000 after purchasing an additional 343 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Barracuda Networks by 1.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 52,327 shares of the communications equipment provider’s stock valued at $1,209,000 after purchasing an additional 621 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in Barracuda Networks by 2.0% during the 1st quarter. Parametric Portfolio Associates LLC now owns 33,590 shares of the communications equipment provider’s stock valued at $776,000 after purchasing an additional 655 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in Barracuda Networks by 4.3% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 17,396 shares of the communications equipment provider’s stock valued at $401,000 after purchasing an additional 710 shares in the last quarter. 65.96% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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