Barracuda Networks, Inc. (CUDA) Given “Buy” Rating at Robert W. Baird

Barracuda Networks, Inc. (NYSE:CUDA)‘s stock had its “buy” rating restated by stock analysts at Robert W. Baird in a note issued to investors on Tuesday. They presently have a $29.00 price objective on the communications equipment provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 25.22% from the stock’s previous close.

The analysts wrote, “We hosted investor meetings with Barracuda management last week. No surprise, the ongoing business model transition to more subscriptions and cloud-based delivery remained a common theme.””

A number of other equities research analysts also recently weighed in on CUDA. Rosenblatt Securities restated a “buy” rating on shares of Barracuda Networks in a research report on Sunday, October 15th. BidaskClub downgraded Barracuda Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. KeyCorp restated a “buy” rating and set a $30.00 price target on shares of Barracuda Networks in a research report on Wednesday, October 11th. Needham & Company LLC restated a “buy” rating and set a $28.00 price target on shares of Barracuda Networks in a research report on Tuesday, September 12th. Finally, Zacks Investment Research cut Barracuda Networks from a “hold” rating to a “sell” rating in a research note on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $28.10.

Barracuda Networks (NYSE CUDA) opened at 23.16 on Tuesday. The company’s 50 day moving average price is $24.02 and its 200-day moving average price is $22.87. The company has a market capitalization of $1.23 billion, a P/E ratio of 136.24 and a beta of 3.27. Barracuda Networks has a 12-month low of $19.06 and a 12-month high of $26.16.

Barracuda Networks (NYSE:CUDA) last issued its quarterly earnings data on Tuesday, October 10th. The communications equipment provider reported $0.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.17. Barracuda Networks had a return on equity of 197.30% and a net margin of 2.52%. The company had revenue of $94.30 million for the quarter, compared to the consensus estimate of $93.32 million. During the same quarter last year, the business posted $0.21 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. Equities analysts forecast that Barracuda Networks will post $0.75 earnings per share for the current fiscal year.

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In other Barracuda Networks news, CFO Dustin Driggs sold 1,250 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $22.63, for a total transaction of $28,287.50. Following the completion of the sale, the chief financial officer now directly owns 105,471 shares in the company, valued at approximately $2,386,808.73. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael D. Perone sold 108,258 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $25.77, for a total transaction of $2,789,808.66. Following the sale, the director now owns 1,378,038 shares of the company’s stock, valued at $35,512,039.26. The disclosure for this sale can be found here. Insiders have sold 3,062,431 shares of company stock valued at $75,302,076 over the last quarter. Company insiders own 13.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. AlphaMark Advisors LLC raised its stake in Barracuda Networks by 63.7% during the 2nd quarter. AlphaMark Advisors LLC now owns 44,200 shares of the communications equipment provider’s stock valued at $1,019,000 after buying an additional 17,200 shares during the last quarter. Gotham Asset Management LLC raised its stake in Barracuda Networks by 2.5% during the 1st quarter. Gotham Asset Management LLC now owns 35,109 shares of the communications equipment provider’s stock valued at $811,000 after buying an additional 871 shares during the last quarter. Atria Investments LLC purchased a new stake in Barracuda Networks during the 2nd quarter valued at $204,000. Clearbridge Investments LLC raised its stake in Barracuda Networks by 0.8% during the 1st quarter. Clearbridge Investments LLC now owns 2,034,008 shares of the communications equipment provider’s stock valued at $47,006,000 after buying an additional 16,324 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Barracuda Networks during the 1st quarter valued at $4,867,000. Institutional investors and hedge funds own 65.50% 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.

Analyst Recommendations for Barracuda Networks (NYSE:CUDA)

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