Rosenblatt Securities Reaffirms “Buy” Rating for Barracuda Networks, Inc. (CUDA)
Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Sunday.
The analysts wrote, “We spent time with several teenagers this week to better understand how they used the social media platforms. It was eye-opening how engaged the teenagers were with Snapchat. Snapchat was by far their favorite social media platform, followed by Instagram, and Facebook. The teens pointed to the Maps feature on Snapchat as one of their favorites. What’s more, all stated that they plan to continue using the app in college and beyond. Instagram was a close second with all the teens believing that Instagram has done an effective job mimicking the Snapchat features. Several teens used the word boring” to describe Facebook and they all stated that their time spent on Facebook had diminished over the past year. However, they maintain a presence on the platform and check in often, primarily for news and events.””
Several other research firms have also issued reports on CUDA. Stifel Nicolaus reaffirmed a “buy” rating and issued a $32.00 target price on shares of Barracuda Networks in a report on Wednesday, July 19th. Robert W. Baird reaffirmed a “buy” rating and issued a $29.00 target price on shares of Barracuda Networks in a report on Wednesday. Northland Securities reaffirmed a “buy” rating and issued a $28.00 target price on shares of Barracuda Networks in a report on Friday, June 30th. BTIG Research reaffirmed a “buy” rating and issued a $30.00 target price on shares of Barracuda Networks in a report on Thursday, July 13th. Finally, Zacks Investment Research raised Barracuda Networks from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Barracuda Networks presently has a consensus rating of “Buy” and an average target price of $28.10.
Shares of Barracuda Networks (NYSE CUDA) traded up 0.63% on Friday, reaching $22.31. The company had a trading volume of 1,826,590 shares. The stock has a 50-day moving average price of $24.18 and a 200-day moving average price of $22.90. Barracuda Networks has a 12 month low of $19.06 and a 12 month high of $26.16. The stock has a market cap of $1.19 billion, a PE ratio of 131.24 and a beta of 3.27.
Barracuda Networks (NYSE:CUDA) last released its earnings results on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $94.30 million during the quarter, compared to analyst estimates of $93.32 million. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. Barracuda Networks’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.21 earnings per share. Analysts predict that Barracuda Networks will post $0.75 earnings per share for the current fiscal year.
In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $22.63, for a total transaction of $28,287.50. Following the sale, the chief financial officer now owns 105,471 shares in the company, valued at $2,386,808.73. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael D. Perone sold 236,987 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $24.02, for a total value of $5,692,427.74. Following the sale, the director now owns 2,988,898 shares in the company, valued at approximately $71,793,329.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,061,041 shares of company stock worth $75,270,743. 13.90% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of CUDA. ETF Managers Group LLC purchased a new stake in shares of Barracuda Networks during the second quarter worth $44,968,000. AMI Asset Management Corp purchased a new stake in shares of Barracuda Networks during the second quarter worth $10,897,000. Renaissance Technologies LLC lifted its position in shares of Barracuda Networks by 64.1% during the first quarter. Renaissance Technologies LLC now owns 1,135,695 shares of the communications equipment provider’s stock worth $26,246,000 after acquiring an additional 443,495 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Barracuda Networks by 19.0% during the first quarter. Vanguard Group Inc. now owns 2,729,373 shares of the communications equipment provider’s stock worth $63,075,000 after acquiring an additional 436,541 shares in the last quarter. Finally, Systematic Financial Management LP lifted its position in shares of Barracuda Networks by 24.4% during the second quarter. Systematic Financial Management LP now owns 2,172,326 shares of the communications equipment provider’s stock worth $50,094,000 after acquiring an additional 426,715 shares in the last quarter. Hedge funds and other institutional investors own 65.96% 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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